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Duke Adds to NJ Holdings with Meadowlands Warehouse
The New Jersey office of Duke Realty Corporation acquired a 102,224-square-foot industrial building at 66-96 E. Union Ave. in East Rutherford, N.J. NAI James E. Hanson’s Scott Perkins and Chris Todd represented seller Caravan Ingredients in the transaction, which increased Duke’s New Jersey portfolio to nearly 8.2 million square feet.
“This low coverage functional asset in the heart of the Meadowlands submarket is a perfect fit for our infill acquisition strategy,” said Mark Crawford, VP and head of acquisitions for Duke Realty. “We are continuously pursuing opportunities similar to this in infill locations like Northern New Jersey.”
Caravan Ingredients had owned the property since 2000. Perkins and 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.
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- ◦Sale/Acquisition
- ◦Lease
