Duke Realty Corporation
05/04/2021 | Press release | Distributed by Public on 05/04/2021 07:02
Duke Realty Secures Lease Deal with Global Apparel Importer for ~207K SF in New Jersey
JERSEY CITY, New Jersey - May 4, 2021 - The New Jersey office of Duke Realty Corporation (NYSE: DRE), the leading domestic only, pure-play logistics property REIT (Real Estate Investment Trust) in the United States, announces it has secured a long-term lease agreement with Vandale Industries Inc. (Vandale) for 207,021 square feet of space within its facility at 773 Cranbury South River Road in South Brunswick, New Jersey. The warehouse and distribution facility is located within the Exit 8A submarket and offers Vandale convenient access to the New Jersey Turnpike and other major thoroughfares.
773 Cranbury South River Road, South Brunswick
'Over the past year, the nation's supply chain has been tested and Duke Realty clients continue to look for opportunities to strengthen their logistics networks. They want locations where they can get their products to customers with limited delay,' said Ben Rosen, vice president of leasing and development for Duke Realty in New Jersey. '773 Cranbury South River Road is a modern facility located within central New Jersey's premiere industrial submarket that enables Vandale to effectively serve its major U.S. retailer clients.'
Vandale is a leading importer of intimate apparel and foundations, including daywear, sleepwear, activewear and shapewear. The company manages private label and national brands in every distribution channel and is a key supplier to major retailers across the country. Duke Realty's facility at 773 Cranbury South River Road is a 488,884-square-foot cross dock facility. With Vandale's long-term lease agreement for 207,021 square feet of space, the facility remains fully leased.
'We do not see the demand for well-located, high-quality logistics space waning anytime soon, given the growth of the e-commerce industry,' said Art Makris, senior vice president of Duke Realty's Northeast region. 'We count on our local broker partners to share insights into tenant needs and together we can quickly identify investment opportunities that meet those needs further expanding our New Jersey portfolio.'
Vandale was represented by Chuck Fern and Jason Barton with Cushman & Wakefield. Duke Realty was represented by Michael Kimmel, Jason Goldman, Marc Petrella and Andrew Siemsen on behalf of Cushman & Wakefield.
Duke Realty's New Jersey portfolio totals nearly 8.2 million square feet across 21 properties and remains 100 percent occupied.