Duke Realty has purchased a 3.1 million sq ft New Jersey industrial portfolio. The price of the deal was not disclosed. The package includes six newly constructed buildings and two land sites for future development. All of the newly acquired buildings and land parcels are located along the I-95 corridor, starting at the Exit 8A submarket and continuing north to the Meadowlands submarket. With this acquisition, Duke Realty’s New Jersey industrial portfolio increases to 5.6 million sq ft.
“The acquisition of these properties allowed us to immediately reinvest a significant portion of the proceeds from our $3bn medical office building portfolio disposition last year into modern, high-quality industrial assets,” said Mark Crawford, vice president of acquisitions and dispositions at Duke Realty. “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.”
