Duke Realty Breaks Ground, Secures Long-Term Lease with FreezPak for Freezer Facility
State-of-the-Art Build-to-Suit Will Provide Much Needed Freezer Capacity Located Within Minutes from Largest Port on East Coast
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 broken ground on a 26-acre site in preparation for a build-to-suit freezer facility for FreezPak Logistics (FreezPak). FreezPak has signed a long-term lease on the planned 267,575-square-foot development at 2 Paddock Street in Woodbridge Township.
“Over the past several years, Duke Realty has continued to invest in growing our New Jersey footprint with strategically-located, highly-desirable developments,” said Art Makris, senior vice president of Duke Realty’s northeast region. “As most U.S. food distribution is managed by third-party logistics companies before reaching consumers, demand for temperature-controlled storage and distribution facilities is growing and Duke Realty is ready to help meet that demand with the modern, high-quality facilities we are known for.”
Duke Realty is constructing approximately 209,500 square feet of freezer space, a 45,760-square-foot cool dock and another 12,000 square feet of office space within the state-of-the-art development. The facility is being built to LEED® certification standards. The construction plan includes 67’ clear height in the freezer and 30’ in the cool dock, 34 dock doors, 70 trailer spaces and 167 automobile parking spaces. The development site is strategically located near the New Jersey Turnpike, just minutes from Newark Liberty International Airport, the ports of New York and New Jersey and New York City.
“Successfully putting together a complicated build-to-suit transaction like this requires significant contributions from numerous stakeholders,” said Ben Rosen, vice president of development and leasing in New Jersey for Duke Realty. “We are tremendously fortunate and thankful to have excellent partners with Freezpak and Woodbridge Township that worked hard to make this project a reality.”
“FreezPak is happy to have the opportunity to leverage the many advantages that our new state-of-the-art, customized distribution facility will offer,” said Dave Saoud, Co-CEO of FreezPak. Mike Saoud, Co-CEO of FreezPak added, “FreezPak is going to new heights with the power of automation.”
“This groundbreaking represents yet another milestone toward achieving our goal that Woodbridge Township remains the center of commercial development in New Jersey. The 2 Paddock Street development project will transform the former 26-acre industrial site located in the Avenel warehouse district into a productive commercially successful facility that will benefit the Township tax base for years to come,” said Mayor John E. McCormac. “It is important to note that this development would not have been possible without the commitment of Duke Realty, the Woodbridge Redevelopment Agency and the Woodbridge Township Department of Planning and Development.”
Rosen, Duke Realty leasing representative in New Jersey and David Gheriani, William Waxman, Mindy Lissner and Kevin Dudley with CBRE represented Duke Realty in this transaction.
About Duke Realty
On a nationwide basis, Duke Realty owns, maintains an interest in or has under development approximately 160 million rentable square feet of industrial assets in 19 major U.S. logistics markets. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is a component 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.
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