Prologis Acquires NJ Office Asset, Plans Industrial Reposition
The company has purchased a class A office property in Mt. Laurel, NJ and plans to develop 184,500-SF, state-of-the-art logistics facility.
LAUREL, NJ – Prologis has acquired a 114,676-square-foot office building in Mt. Laurel, NJ with plans to develop a 184,500-square-foot, state-of-the-art logistics facility.
The firm purchased the property, located at 112 W. Park Dr., from Veritas Real Estate.
The class A office property is situated on 16.8 acres of land. The asset is located adjacent to the NJ turnpike and Interstate 295, and is 20 minutes from the Port of Philadelphia and the Philadelphia International Airport.
Prologis VP and investment officer Chi Osu states, “More than ever, companies recognize the critical role that logistics real estate plays in their supply chains and how being in the right location impacts operations. As such, we plan to develop a high-quality industrial facility that can accommodate businesses from different industry sectors with varying needs.”
CBRE’s Tri-State investment properties team, comprising Elli Klapper, Jeremy Wernick, Mark Silverman and Charles Berger, represented Prologis in the deal negotiations. The team worked in conjunction with CBRE’s Elli Klapper, Jeremy Wernick, Mark Silverman and Charles Berger to arrange the acquisition.
“The acquisition of a class A office property for repositioning and developing a warehouse reinforces the strength of the industrial market in New Jersey and the need for more modern logistics facilities,” states Wernick.
Wernick says, “Across the region, several office buildings are being purchased with the intent to convert to industrial use. Towns throughout New Jersey are supportive to this type of redevelopment as it helps alleviate supply chain pain points and meets the insatiable demand by companies for industrial space.”