Duke Realty Acquires Northern New Jersey Warehouse

600 Ridge Road. Image courtesy of Duke Realty

Duke Realty has grown its industrial portfolio in northern New Jersey after acquiring a recently built industrial warehouse in a sale-leaseback deal. The company acquired 600 Ridge Road in Piscataway from the tenant, Kiss Nail Products Inc., which was represented by NAI DiLeo-Bram & Co.’s Thomas Kirczow.

The 469,000-square-foot warehouse was built in 2019 with 40-foot clear heights, 100 dock doors and a 130-foot truck court. The property will still be occupied by Kiss Nail Products Inc., which will continue to use it as a distribution center for its nail products, hair accessories and cosmetics that it ships to retailers in more than 100 countries.

READ ALSO: Top 5 Industrial Markets for Construction Activity

The industrial property is located on a 65-acre site within 2 miles from I-287 and 12 miles away from I-95, putting it within New Jersey’s in-demand Exit 10/287 Corridor submarket. Art Makris, regional president of the Northeast Region at Duke Realty, said in prepared remarks that the warehouse’s location is one of the most desirable markets along the I-287 corridor since it has access to millions of consumers and nearby ports. He also said in his prepared remarks that the deal had an added bonus of retaining an established tenant.

Expanding Northern New Jersey Footprint

Seth Hall, assistant vice president of acquisitions for Duke Realty, said in prepared remarks that the company’s acquisition strategy focuses on infill assets in high-barrier tier 1 markets. Hall added in his prepared remarks that Duke Realty will continue to look for similar acquisition opportunities to expand its northern New Jersey footprint.

Duke Realty’s New Jersey portfolio totals 9.6 million square feet across 25 properties. The company is currently working on a 574,480-square-foot cross-docked industrial building in East Greenwich, N.J., that’s located along the I-295. In May, Duke Realty also signed a long-term lease with a global apparel importer at its 488,884-square-foot facility in South Brunswick, N.J., bringing it to full occupancy.