Prologis in Major New Jersey Development

Logistics REIT Prologis has acquired an office property in Mt. Laurel, NJ from Veritas Real Estate it plans on developing into a 184,500-sf state-of-the-art logistics facility, according to broker CBRE.

“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 CBRE 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, 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,” said Mr. Wernick. 

“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.”