Duke Turns to Spec to Fill NJ Industrial Demand
Having brought its recently-acquired New Jersey portfolio to 100% occupancy, Duke Realty is turning to new construction to meet demand. The industrial REIT has begun building a 193,805-square-foot facility on spec at 5 Ethel Blvd. in Carlstadt/Wood-Ridge, NJ within the Meadowlands submarket, anticipating a February 2019 delivery.
“Industrial demand in Northern NJ and the Meadowlands continues to be strong, as companies seek out distribution space in close proximity to the populous New York City metro area,” said Duke’s Ben Rosen. “However, there are very few functional availabilities in the market, including in our own portfolio. With 5 Ethel Blvd., Duke Realty will be well-positioned to meet the needs of users looking for well-located, modern space on the doorstep of New York City.”
The new property’s location affords convenient access to both New York and several arterial highways. There is also potential for Norfolk Southern rail connectivity.
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