264,085-square-foot industrial building acquired by Duke Realty in October is 100 percent leased.
The New Jersey office of Duke Realty (NYSE: DRE), the leading U.S. domestic-focused industrial property REIT (Real Estate Investment Trust), announces that it has signed a long-term lease with RAB Lighting, a manufacturer of indoor and outdoor LED lighting and controls, for 100 percent of its building at 10 Broadway Road in Cranbury. RAB Lighting will relocate and expand its northeast distribution center operations into the newly developed, 264,085-square-foot building, a recently acquired asset in Duke Realty’s 5.6 million-square-foot New Jersey industrial portfolio.
“We are pleased that we could meet RAB Lighting’s distribution and space needs with our new building at 10 Broadway Road,” said Ben Rosen, Vice President of Leasing and Development for Duke Realty in New Jersey.
Ross Barna, CEO of RAB Lighting, said, “This building provides RAB with excellent access to I-95 and includes the state-of-the-art features we need for efficient storage and fast distribution to our customers in the Northeast.”
Duke Realty added 10 Broadway Road to its portfolio last October as part of a 3.1 million-square-foot New Jersey industrial portfolio acquisition comprised of six buildings and two development sites. All of the properties are Class A buildings and located along I-95 from the Exit 8A submarket north to the Meadowlands submarket.
The rear-load building at 10 Broadway Road includes 36′ clear height, forty-two 9′ x 10′ dock doors, two 12′ x 14′ drive-in doors, and 55′ x 44′-6″ bay spacing. Surrounding the building is a 130′ trailer court and parking for 89 automobiles and 11 trailers.
Chuck Fern with Cushman & Wakefield represented both parties in the transaction, while Mr. Rosen and Caitlin English represented Duke Realty.
About Duke Realty
Duke Realty’s New Jersey portfolio currently includes 5.6 million square feet of industrial properties. Duke Realty’s New Jersey office is located at One Meadowlands Plaza, Suite 200, East Rutherford. The office phone number is 484.533.2659.
On a nationwide basis, Duke Realty Corporation owns and operates approximately 146 million rentable square feet of industrial assets in 21 key U.S. logistics markets. Duke Realty is publicly traded on the NYSE under the symbol DRE and is listed on the S&P 500. The company maintains a Baa1 rating from Moody’s Investor Service and a BBB+ rating from Standard & Poor’s Financial Services. More information about Duke Realty Corporation is available at www.dukerealty.com. Duke Realty also can be followed on Twitter, LinkedIn, Facebook and YouTube.