Prologis acquired a 114,646-square-foot Class A office property in Mount Laurel from Veritas Real Estate and plans to develop a 184,500-square-foot, state-of-the-art logistics facility, according to a Tuesday announcement from CBRE, which arranged the acquisition.
Located at 112 W. Park Drive, the asset is situated on 16.82 acres of land and ideally located adjacent to the New Jersey Turnpike and Interstate 295.
The CBRE Tri-State Investment Properties team of Elli Klapper, Jeremy Wernick, Mark Silverman and Charles Berger, in conjunction with CBRE’s Kevin Dudley and Brian Fiumara, represented Prologis in the negotiations.
“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,” Wernick said. “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.”
“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,” said Chi Osu, vice president and investment officer at Prologis. “As such, we plan to develop a high-quality industrial facility that can accommodate businesses from different industry sectors with varying needs.”