Duke bolsters NJ industrial portfolio with Rutherford acquisition

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The New Jersey office of Duke Realty Corporation has
acquired a 102,224 s/f industrial building at 66-96 East Union Avenue in East
Rutherford, N.J.

NAI James E. Hansonhelped negotiate the sale and lease of
the facility. The acquisition has increased Duke Realty’s New Jersey portfolio
to nearly 8.2 million square feet.

“Duke Realty continues to invest in modern distribution
space – especially in opportunities and facilities along the New Jersey
Turnpike Corridor,” said Art Makris, senior vice president of Duke Realty’s
Northeast region. “We are continuously working to identify strategic
opportunities to expand our best-in-class New Jersey portfolio with facilities
that can help meet client regional and national distribution needs.”

“This low coverage functional asset in the heart of the
Meadowlands submarket is a perfect fit for our infill acquisition strategy,”
said Mark Crawford, vice president and head of acquisitions for Duke Realty.
“We are continuously pursuing opportunities similar to this in infill locations
like Northern New Jersey.”

Situated on 6.8 acres, 66-96 East Union Avenue represents
highly adaptable industrial space in one of the region’s most in-demand
industrial markets. Conveniently located near the junction of Routes 3 and 17,
the building is a short drive from the New Jersey Turnpike and Garden State
Parkway providing easy access to New York City and thoroughfares servicing the
entire eastern United States.

The property was sold by Dutch-based food ingredient research company Corbion which recently sold its frozen dough business located in the East Rutherford facility to FroDo Baking Company. Corbion had acquired the property for $8.75 million in 2012, according to public records.

The new business owner was expected to hire most of the
employees of the frozen dough business and will take over the operations with
immediate effect.

NAI Hanson’s brokerage team of Scott Perkins and Chris Todd
learned that Corbion had hoped to sell the business unit occupying the building
and recognized it presented an ideal opportunity to offer a sale and leaseback
of the building to potential buyers of the business. Perkins and Todd
represented the seller in this transaction.

“Through understanding the unique needs of the buyer and
seller, we were able to craft a solution that would allow Duke Realty to grow
its industrial portfolio while providing Caravan a clean exit from an asset and
business that no longer fit their broader corporate strategy”, said Perkins.

Ben Rosen, vice president of leasing and development and
Cait English, leasing representative in the New Jersey market represented Duke
Realty in this transaction.

The acquisition has increased Duke Realty’s New Jersey
portfolio to nearly 8.2 million square feet.

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