Duke Realty Corporation
11/17/2021 | Press release | Distributed by Public on 11/17/2021 08:09
Duke Realty Acquires 53-Acre Site Near Port of Newark
INDIANAPOLIS - November 17, 2021 - Duke Realty (NYSE: DRE), the leading domestic-only, pure-play logistics property REIT (Real Estate Investment Trust) in the United States, announces that it has acquired* a prime parcel of land in Newark, New Jersey, less than one mile from the Port of New York/New Jersey, Liberty International Airport and the I-95 New Jersey Turnpike. The 53-acre site at 740-768 Doremus Avenue is accessible from Delancy Street and has overweight container road access.
"The acquisition of the Doremus Avenue site is consistent with our strategy of focusing on high-barrier tier 1 markets," said Mark Crawford, senior vice president and head of acquisitions for Duke Realty. "This purchase gives us an exceptionally located piece of land in a market where demand for industrial properties such as warehouses and outdoor storage space is extremely high, but sites are scarce."
"Since entering the New Jersey market eight years ago, we have grown our portfolio to nearly 8.1 million square feet using a combination of new development and acquisitions," said Art Makris, senior vice president of Duke Realty's East Region. "With the Doremus acquisition, Duke Realty has added another well-located property to its portfolio with the potential to provide strong rent growth and solid value for our stockholders."
The Doremus land is currently leased to an outdoor storage provider. Upon expiration of the lease, Duke Realty has the option of continuing to use it for port-related goods storage or redeveloping it by adding warehouses and/or truck terminal.
Chuck Fern, Gary Gabriel and Kyle Schmidt with Cushman & Wakefield represented the seller, while Duke Realty was represented by Crawford.
*acquisition completed Q2 2021