112 West Park Drive in Mount Laurel — Courtesy: CBRE
By Joshua Burd
Prologis has purchased a Mount Laurel office building that it now plans to redevelop as nearly 185,000 square feet of modern industrial space, in a newly announced deal by CBRE.
Located at 112 West Park Drive, the property spans nearly 17 acres adjacent to the New Jersey Turnpike and Interstate 295. That made it an attractive site to the logistics real estate giant, which purchased it from Veritas Real Estate for an undisclosed price.
The CBRE Tristate 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.”
In a news release, CBRE said the existing office building spans 114,676 square feet. Prologis’ plans call for a 184,500-square-foot logistics facility.
“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.”
