Page 19 - RE-NJ Aug2020
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                 million-square-foot development that was also in Perth Amboy.
“It’s a really well-located town from a distribution perspective, the labor is really strong locally and it was
a pleasure working with the local government and the mayor to get
the project and get Home Depot completed, so we’ve been very happy with our success there.”
Art Makris, Duke Realty’s senior vice president of the Northeast region, noted that the company is a developer first because “we find more value creation” with ground- up projects,
while using
acquisitions
to supplement
those efforts
and grow its
funds from
operations.
Developing in
New Jersey is
no easy task due to the scarcity of land, acquisition costs and other hurdles, but he said his team is “bullish on the rent growth and we continue to see it in the market.”
He added that the REIT’s ability to secure those opportunities hinges on local relationships.
“We rely a lot on our broker partners and we want to be very broker- friendly. We know that they’re our lifeline,” Makris said, noting that those relationships begin with Rosen and Caitlin English, a leasing representative in the New Jersey office.
Also key is the ability to leverage Duke Realty’s national platform, which comes with a strong brand, track record and a long list of well- known tenants that it has worked with in other markets.
“It’s catapulted us and allowed us
to continue to grow faster with additional velocity,” Makris said. “And our platform, with our debt rating, our access to capital, allows us to compete in the Northeast, especially in New Jersey, on some of these sites we’re looking at.”
The company recently shifted its New Jersey and Northeast operations to
a newly opened office in downtown Jersey City. Located in the Harborside
Duke Realty Corp. recently broke ground at 150 Old New Brunswick Road in Piscataway, the site of a planned 622,230-square-foot logistics property that is depicted in this rendering. The company expects to deliver the project early next year.
REALESTATENJTM 17
       Art Makris
section, the site provides easy access to a portfolio that spans Newark, the Meadowlands, Woodbridge and other top submarkets.
Rosen added that the office’s “dynamic location” can help Duke Realty attract new talent — not that the company has been able to enjoy the new space in recent months. The COVID-19 outbreak has forced the REIT to work remotely for much of 2020, although both he and Makris noted that their team has managed
to stay productive and maintain their momentum of the past five years.
That’s no surprise, given that the crisis has accelerated e-commerce adoption and the overall need for modern logistics space.
“When the pandemic first occurred, everybody was looking around and trying to figure out what effects it would have on the market,” Rosen said. “And I think we’re beyond that now and we’re full steam ahead.” RE
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Dream entertainment and shopping development, the second largest in the country. Panelists
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Courtesy: Duke Realty
























































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