A rendering of 150 Old New Brunswick Road in Piscataway — Courtesy: Duke Realty Corp.
By Joshua Burd
Duke Realty Corp. has preleased more than 600,000 square feet of speculative industrial space in Piscataway, securing a commitment from a well-known furniture chain.
The real estate investment trust announced Thursday that Bob’s Discount Furniture has signed a full-building, 622,230-square-foot lease at 150 Old New Brunswick Road. Currently under construction, the project is slated for delivery this summer and will provide the national chain with modern distribution space and a location less than 10 miles from the New Jersey Turnpike.
CBRE’s Scott Belfer represented Bob’s Discount Furniture, while Chuck Fern, Thomas D. Tucci, Frank Truesdell, Jason Barton and Stephen Shoemaker of Cushman & Wakefield represented Duke Realty alongside the in-house team of Cait English and Ben Rosen.
“We are thrilled that this premier development project will meet the distribution needs of Bob’s Discount Furniture,” said Rosen, the REIT’s vice president of leasing and development in New Jersey. “This lease transaction is another example of why Duke Realty continues to invest in developing state-of-the-art industrial distribution facilities in strategic, high-demand locations along the New Jersey Turnpike corridor.”
Located off Interstate 287, 150 Old New Brunswick Road will feature 40-foot clear ceiling heights, 125 dock doors, 302 parking spaces and 127 trailer spaces, according to a news release. It will be among the latest additions to Duke’s growing industrial portfolio in the Garden State, which now spans more than 8 million square feet across 21 properties.
The REIT also noted that its New Jersey portfolio remains 100 percent occupied.
“At Duke Realty, we remain laser-focused on a growth strategy that includes the acquisition of infill properties and land for redevelopment in New Jersey and markets across the country,” said Art Makris, senior vice president of Duke Realty’s Northeast region. “We have successfully completed redevelopments by working closely with local government officials. In this case, Piscataway Mayor Brian Wahler and township staff were instrumental in helping us move forward with a smart approach to the redevelopment of a site that had remained vacant for more than 30 years.”
Duke’s lease with Bob’s is the latest sign of the ongoing demand from industrial users across multiple sectors, despite the pandemic. Founded in 1991, the Manchester, Connecticut-based company remains one of the country’s fastest-growing furniture retailers, with a network of 140 furniture stores across 22 states.
“Our continued new store growth at Bob’s Discount Furniture necessitates the expansion of our distribution network,” said Chris Day, senior vice president of real estate at Bob’s Discount Furniture. “Our business requires a (distribution center) network which allows us to efficiently deliver merchandise to our customers. This Duke Realty facility will provide us with a well-located, ultra-modern, warehouse space allowing us to better serve our customers in this region of the country.”