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Duke Realty buys 3.1 million square feet of assets in NJ

Industrial real estate investment trust Duke Realty Corp. completed the acquisition of six new industrial buildings and two land sites in New Jersey for an undisclosed amount.

The assets, along the Interstate 95 corridor, include 10 Broadway Road in Cranbury, N.J., totaling 264,085 square feet; 377-387 Davidson's Mill Road in South Brunswick, N.J., totaling 488,884 square feet; 900 Federal Blvd. in Carteret, N.J., totaling 206,500 square feet; and 960, 980 and 1000 High St. in Perth Amboy, N.J., spanning 220,200 square feet, 718,200 square feet and 354,250 square feet, respectively.

The company said it has started the construction of a 661,000-square-foot warehouse on the land parcel at 429 Delancy St. in Newark, N.J., with completion expected by the end of 2018. Duke Realty also plans to erect a 194,000-square-foot warehouse on 5 Ethel Blvd. in Wood-Ridge, N.J.

Duke Realty used proceeds from the $3 billion medical office building portfolio disposition in 2017 to fund the transaction.