Prologis purchased, with plans to lease back, a 10-acre industrial property in that which is currently occupied by FleetSource and other tenants, according to a Tuesday announcement from Avison Young‘s Metropark office.
Avison Young Principals Edward English, Ron Ganter and Tom Giannone, Senior Vice Presidents Timothy Cadigan and Matthew Turse and senior associate Paul Errigo, who all specialize in the industrial sector, represented FleetSource in the negotiations. Prologis was represented in-house by Howard Freeman.
Located at 2382 Route 130, the industrial property features an approved outdoor trailer parking and state-of-the-art truck maintenance facility with administrative office space. FleetSource currently has an in-place ground lease with a publicly traded online retailer.
“2382 Route 130 provides an attractive investment opportunity for a company to acquire a fully-leased industrial asset thoroughly equipped for a variety of e-commerce and logistic uses,” English said. “This transaction has allowed our client to unlock the capital in their real estate asset and establish leaseback terms that support long-term strategic business objectives with a trusted industrial real estate company like Prologis.”
The property is conveniently less than one mile from Exit 8A on the New Jersey Turnpike and offers easy access to Newark Liberty International Airport, New Jersey’s ports, as well as several major thoroughfares, logistics centers and metros for seamless distribution operations.
“We’re pleased with the diligence Avison Young has shown throughout the negotiation of this transaction, completed in an impressive three-month window,” said John Grady, president of FleetSource. “We’re also thrilled to start a long-term relationship with Prologis as the property’s new landlord, allowing us to continue operating in the same facility with no disruption to our business.”