By Joshua Burd
Prologis has acquired a 10-acre parking and maintenance property in South Brunswick that it’s now leasing back to the seller and other tenants, according to brokers with Avison Young.
Brokers say the industrial real estate giant purchased the parcel, located at 2382 Route 130 in the township’s Dayton section, from FleetSource for an undisclosed price. Aside from the seller’s equipment leasing and repair business, the site also has an in-place ground lease with a publicly traded online retailer.
Avison Young principals Edward English, Ron Ganter and Tom Giannone, senior vice presidents Timothy Cadigan and Matthew Turse and Senior Associate Paul Errigo represented FleetSource in the negotiations, while Howard Freeman represented Prologis in-house.
“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 lease-back terms that support long-term strategic business objectives with a trusted industrial real estate company like Prologis.”
According to Avison Young, 2382 Route 130 has both approved outdoor trailer parking and a modern truck maintenance facility with administrative office space. The property benefits from a location less than one mile from New Jersey Turnpike Exit 8A, allowing for seamless access to the region’s ports and population clusters.
“We’re pleased with the diligence Avison Young has shown throughout the negotiation of this transaction, completed in an impressive three-month window,” FleetSource President John Grady said. “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.”
