311 and 315 Half Acre Road in Cranbury — Courtesy: Duke Realty Corp.
By Joshua Burd
Duke Realty Corp. has announced two new industrial leases in Cranbury totaling nearly 1 million square feet, helping to backfill space vacated by a previous tenant.
The transactions by the real estate investment trust include a commitment by Cooper Electric, which is taking 650,123 square feet at 315 Half Acre Road. The second tenant, Comptree, is leasing 300,142 square feet at the neighboring 311 Half Acre Road.
Both are full-building leases.
“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.”
CBRE’s Mindy Lissner, William Waxman, David Gheriani, Robert Pine and Kevin Dudley represented Duke Realty in the transactions. Jules Nissim of Cushman & Wakefield represented Cooper Electric, whose new facility features 38-foot clear ceiling heights, 76 dock doors, two drive-in doors and parking spaces for 61 trailers.
Duke also noted that Rick Marchisio and Drew Maffey of Lee & Associates represented Comptree in the lease at 311 Half Acre Road. The facility also has 38-foot clear ceiling heights, along with 61 dock doors and two drive-in doors.
Both facilities, which were previously leased to Crate & Barrel, are minutes from New Jersey Turnpike Exit 8A. The recent transactions mean Duke Realty’s 20-building, 8 million-square-foot portfolio in New Jersey remains 100 percent leased.
“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.”
