Duke Realty Corp.’s New Jersey office announced the real estate investment trust has acquired an East Rutherford industrial building, bringing its Garden State holdings to nearly 8.2 million square feet.
NAI James E. Hanson helped negotiate the REIT’s acquisition and lease of 66-96 E. Union Ave., a 102,224-square-foot industrial building, Duke Realty said in a news release.
“Duke Realty continues to invest in modern distribution space—especially in opportunities and facilities along the New Jersey Turnpike corridor,” Art Makris, senior vice president, Northeast region, for Duke Realty, said in a prepared statement. “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.”
The industrial building deal was a sale-leaseback involving Caravan Ingredients Inc., which had owned the property since 2000. NAI Hanson’s Scott Perkins and Chris Todd represented the seller in the deal.
“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,” Perkins said in a statement.
Ben Rosen, vice president of leasing and development, and Cait English, leasing representative, represented Duke Realty in-house.
“This low-coverage functional asset in the heart of the Meadowlands submarket is a perfect fit for our infill acquisition strategy,” Mark Crawford, Duke’s vice president and head of acquisitions, said in a statement. “We are continuously pursuing opportunities similar to this in infill locations like northern New Jersey.”