EAST RUTHERFORD, NJ—Duke Realty's New Jersey industrial portfolio expanded to nearly six million square feet with its latest acquisition of a 3.1 million-square-foot industrial property that includes six newly constructed buildings and two land sites for future development.

“This acquisition gives Duke Realty an industrial portfolio that is second-to-none in terms of location and quality,” says Ben Rosen, vice president of leasing and development for Duke Realty in New Jersey. “All of these properties have excellent access to I-95, are within a short drive of New York City and feature the modern amenities today's industrial users want. This acquisition, along with other buildings Duke Realty has developed and acquired over the past five years, gives us a portfolio featuring some of the newest, best-located and highest quality assets in one of the nation's premier infill markets.”

The buildings in the portfolio were all delivered within the past year and incorporate features designed to enhance product storage and distribution, including 36' clear heights and ample automobile and trailer parking.

With the new acquisition, Duke's NJ industrial holdings total 5.6 million square feet, the company says.

Duke has already begun development of a 661,000-square-foot warehouse on one of the acquired sites, 429 Delancy Street in Newark, with delivery expected by year-end. In addition to the Delancy Street land, Duke also acquired a parcel at 5 Ethel Boulevard in Wood-Ridge, where construction of a 194,000-square-foot warehouse is planned.

The buildings in Duke Realty's recent acquisition include:

Duke entered the New Jersey market in 2007 with the purchase of a former GM plant in Linden and immediately began redevelopment of the site. Since that time, Duke has delivered three modern warehouses totaling 1.1 million square feet on the site that today are fully leased. Duke grew its New Jersey portfolio again in 2013 with the acquisition of three buildings in Cranbury and Logan Township totaling 1.3 million square feet. In 2017, the company purchased a 156,256-square-foot building in Teterboro.

“Acquiring high-quality buildings and land sites is consistent with Duke Realty's strategy of being the leading provider of premier industrial space in the country and growing its portfolio in the nation's top logistics markets,” says Rosen. “This acquisition has helped position our company as one of the dominant industrial property owners in New Jersey.”

“The acquisition of these properties allowed us to immediately reinvest a significant portion of the proceeds from our $3 billion medical office building portfolio disposition last year into modern, high-quality industrial assets,” says Mark Crawford, vice president of acquisitions and dispositions for Duke. “Our expansion into Northern New Jersey is an important part of our overall acquisition strategy, which is focused on increasing our holdings in Tier I distribution markets.”

On a nationwide basis, Duke owns and operates approximately 146 million rentable square feet of industrial assets in 21 key US logistics markets.