The New Jersey office of Duke Realty Corporation said Feb. 1 it completed the acquisition of a 102,224-square-foot industrial building at 66-96 East Union Avenue in East Rutherford. NAI James E. Hanson helped 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.
Caravan Ingredients Inc. had owned 66-96 East Union Avenue since 2000. NAI Hanson’s brokerage team of Scott Perkins and Chris Todd learned that Caravan 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.
“It is not every day that you can say a complex real estate transaction like this is truly a win-win for everyone involved,” said Todd.
“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.