Duke Realty : Acquires Leased ~470K SF Warehouse in New Jersey’s Largest Logistics Submarket

JERSEY CITY, N.J. - January 28, 2022 - The New Jersey office of 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 469,600-square-foot industrial warehouse located on 65 acres at 600 Ridge Road in Piscataway, New Jersey. The building, built in 2019, is in New Jersey's highly in-demand Exit 10/287 Corridor submarket. The facility remains leased to Kiss Nail Products Inc. and serves as its distribution center for nail products, hair accessories and cosmetics that ship to retailers in more than 100 countries.

600 Ridge Road in Piscataway, New Jersey

"Warehouse and distribution space is tight across the country and here in New Jersey the most desirable space is along the I-287 corridor with access to millions of consumers and nearby ports," said Art Makris, regional president of Duke Realty's Northeast Region. "We are always looking for these types of opportunities to add existing, yet modern, facilities to our portfolio. The added bonus is retaining an established tenant that we can now count as a customer."

Duke Realty's acquisition at 600 Ridge Road boasts 40-foot clear height, 100 dock doors and a 130-foot truck court. The warehouse is well-situated just two miles from I-287 and twelve miles from I-95.

"Our acquisition strategy remains focused on infill, functional assets in high-barrier tier 1 markets and the acquisition of this modern distribution facility bolsters our best-in-class portfolio," said Seth Hall, assistant vice president of acquisitions for Duke Realty. "We are continuously pursuing similar acquisition opportunities as we look to expand our footprint in Northern New Jersey."

This acquisition is a continuation of Duke Realty's strategy of adding modern and conveniently located facilities to meet companies' warehouse and distribution needs through development and acquisitions. With this addition, Duke Realty's New Jersey portfolio is now 9.6 million square feet.

Thomas Kirczow with NAI DiLeo-Bram & Co. represented the seller in this transaction.

*Acquisition completed in Q4 2021