A Class A office property in Burlington County will be developed into a 184,500-square-foot logistics facility following its sale to logistics real estate leader Prologis.
CBRE recently announced it arranged the sale, representing Prologis in the negotiations with seller Veritas Real Estate. A 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, worked on the transaction.
Financial terms were not disclosed.
Located at 112 W. Park Drive in Mt. Laurel, the property is currently a 114,676-square-foot office building on nearly 17 acres of land.
“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 in a prepared statement.
The state’s industrial market has seen sustained demand and a dearth of inventory to match. Other repositioning projects to meet that interest have been announced recently, like Russo Development’s and Onyx Equities LLC’s partnership to transform 62 acres that were formerly part of the Novartis campus into more than 800,000 square feet of 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.”
The site is adjacent to the New Jersey Turnpike and Interstate 295, and is 20 minutes from the Port of Philadelphia and the Philadelphia International Airport.=