Duke Realty Preleases 64% of its New Industrial Building at 5 Ethel Boulevard in the Meadowlands

GraceKennedy Foods will occupy 124,888 square feet of the under-construction warehouse when it is complete in early 2019.

The New Jersey office of Duke Realty Corporation (NYSE: DRE), the nation’s leading pure-play, domestic-only, industrial property REIT (Real Estate Investment Trust), announces that it has signed a lease with GraceKennedy Foods (USA) LLC, a distributor of Caribbean, Central American and South American food products, for 124,888 square feet or 64 percent of its new warehouse at 5 Ethel Boulevard in Wood-Ridge, NJ. The building, which will total 193,888 square feet when construction is complete, is slated for delivery in early 2019.

 

“We are pleased with GraceKennedy’s early commitment to lease space in our newest industrial building in New Jersey,” said Ben Rosen, Vice President of Leasing for Duke Realty in New Jersey. “In choosing 5 Ethel, GraceKennedy will be operating in one of the newest and most functional distribution facilities in the entire Meadowlands market, offering extraordinary accessibility to Manhattan and the rest of the New York metropolitan area.”

 

GraceKennedy will consolidate operations from other Meadowlands locations into 5 Ethel Boulevard. 5 Ethel’s modern features, including 36′ clear height, 55′ x 44½’ column spacing, LED motion-sensor-controlled lighting, 13 dock doors and ample car and trailing parking, will be utilized to help improve GraceKennedy’s operating efficiencies and lower costs.

 

Michael Schaible with Lee & Associates represented GraceKennedy in its lease, while Duke Realty was represented by Ben Rosen, Caitlin English and its listing brokers Robert Kossar, David Knee, Christopher Hile and Brian Golden with JLL.

 

The remaining 69,000-square-foot space in 5 Ethel Boulevard offers users modern amenities that are exceedingly rare for a space of its size including 36’ clear height, 13 loading docks, 1 drive-in door, 32 trailer parking spaces and 58 car parking spaces. Parties interested in leasing the remaining space in 5 Ethel Boulevard or Duke Realty’s other under-construction building in Northern New Jersey, a 661,741-square-foot facility at 429 Delancy Street in Newark, are invited to contact Ben Rosen at 201.248.4262.

 

About Duke Realty

Duke Realty’s New Jersey portfolio currently includes 5.7 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 152 million rentable square feet of industrial assets in 20 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.

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