80 Hancock St. in Lodi — Courtesy: CBRE
By Joshua Burd
Prologis Inc. has acquired a nearly 25,000-square-foot industrial building in Lodi for $5.5 million, brokers with CBRE announced Thursday.
According to a news release, the real estate investment trust purchased 80 Hancock St. from L/GAM LLC. It now plans to hold the asset as an investment property, CBRE said, citing its location just off the intersection of Interstate 80 and Route 17.
The brokerage team added that the 24,500-square-foot building comes with a short-term lease.
“As supply chain issues continue, as well as the overall tumultuous market, this sale highlights the continual industrial market dominance in New Jersey,” CBRE’s Jeremy Wernick said. “Industrial properties continue to be in high demand, especially in this prime Bergen County location with incredible infrastructure access.”
Wernick and fellow investment sales brokers Elli Klapper, Mark Silverman and Charles Berger represented Prologis in the deal, working in conjunction with CBRE’s port and logistics team of Kevin Dudley, Nick Klacik and Chad Hillyer. The REIT, meantime, has also retained CBRE as the property’s leasing agent.
“As the office and retail markets continue to struggle, more investors are shifting their focus to reliable and stable real estate types, such as industrial and multifamily,” Klapper said. “We are continuing to see a strong shift to industrial investments, especially as the nation continues to attempt to recover to pre-pandemic supply chain levels and demand for such properties persists.”
CBRE noted that 80 Hancock St. provides direct access to major thoroughfares throughout New Jersey and New York and Port Newark-Elizabeth.
