103 Central Ave. in Mount Laurel — Courtesy: NAI Mertz
By Joshua Burd
A real estate investment trust has acquired a 112,000-square-foot industrial building in Mount Laurel, brokers with NAI Mertz announced Tuesday.
The Boston-based buyer, STAG Industrial Holdings LLC, paid an undisclosed price for the complex at 103 Central Ave. Its new acquisition sits just off Exit 36 of Interstate 295, providing easy access to routes 38 and 73 and the New Jersey Turnpike, along with a location that is a 15-minute drive from the Port of Philadelphia.
NAI Mertz President Scott Mertz and Senior Vice President Jonathan Klear represented both the seller, CoreOne Industrial LLC, and the buyer in the transaction.
“It was an honor to represent CoreOne on this property, as we have represented them in the past to help grow their market share,” Klear said. “We also have served as longtime exclusive leasing agents of this property, so it was nice to see this asset trade at nearly full occupancy.”
The deal comes six months after NAI Mertz brokered a 26,740-square-foot lease at the building to a local food packaging company, the firm said, noting that one 16,000-square-foot unit remains available for lease. The brokers added that 103 Central Ave. offers 17-foot clear ceiling heights, a wet sprinkler system and a fenced lot.
