(Jersey City, NJ – December 10, 2020) 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 that it has signed lease agreements for two neighboring distribution facilities in Cranbury, New Jersey. Cooper Electric has entered into a long-term lease agreement for the 650,000 square foot facility at 315 Half Acre Road. Additionally, Comptree is leasing the nearly 300,000 square foot facility at 311 Half Acre Road.
“Duke Realty continues to see significant demand in New Jersey for modern distribution space – especially for facilities along the New Jersey Turnpike Corridor,” said Ben Rosen, vice president of leasing and development for Duke Realty in New Jersey. “We are excited to welcome Cooper Electric and Comptree into our best-in-class New Jersey portfolio and glad we were able to meet their regional distribution needs”.
315 Half Acre Road will provide Cooper Electric with a 650,123-square-foot industrial facility featuring 38’ clear height, 76 dock doors, two drive-in doors and parking spaces for 61 trailers. 311 Half Acre Road offers Comptree a 300,142-square-foot industrial facility featuring 38’ clear height, 61 dock doors and two drive-in doors. Both facilities are minutes from the New Jersey Turnpike Exit 8A. Duke Realty’s New Jersey portfolio totals eight million square feet across 20 properties and remains 100 percent occupied.
“As we continue to see increased e-commerce activity across the country, the demand for modern distribution facilities continues to exceed supply,” said Art Makris, senior vice president of Duke Realty’s Northeast region. “Our tenants are asking for state-of-the-art facilities with convenience to highways, ports and most importantly the consumers whose needs they are trying to meet. At Duke Realty, we remain steadfast in our growth strategy and satisfying our clients’ needs, here in New Jersey and markets across the country.”
Cooper Electric was represented by Jules Nissim with Cushman & Wakefield. Comptree was represented by Richard Marchisio and Drew Maffey with Lee & Associates. Duke Realty was represented by Cait English and well as Mindy Lissner, William Waxman, David Gheriani, Robert Pine and Kevin Dudley with CBRE.
About Duke Realty
On a nationwide basis, Duke Realty owns, maintains an interest in or has under development approximately 159 million rentable square feet of industrial assets in 20 major U.S. logistics markets. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is a member of the S&P 500. More information about Duke Realty is available at www.dukerealty.com. Duke Realty also can be followed on Twitter, LinkedIn, Facebook and YouTube.