CBRE Arranges Acquisition of 1.8 Acre Industrial Property; New Jersey Industrial Market Continues to Show Its Strength
CBRE today announced it has arranged the acquisition of a short term leased 24,500 sq. ft.industrial property at80 Hancock Street in Lodi, NJ. Prologis,aninternational leader in real estate and supply chain logistics and the largest industrial real estate company in the world, acquired the property from L/GAM LLCfor $5.55 million and plans to hold it as an industrial investment property. Additionally, the team also sold the adjacent industrial property, 65 Industrial Road, in 2020, which was 197,000 sq. ft. on seven acres.
The CBRE Tri-State Investment Properties team of Elli Klapper, Jeremy Wernick, Mark Silverman and Charles Berger, in conjunction with CBRE’s Port and Logistics teamof Kevin Dudley, Nick Klacik and Chad Hillyer, represented Prologis in the negotiations. The team has also been retained by the new ownership as the exclusive leasing agent at the property.
“As supply chain issues continue, as well as the overall tumultuous market, this sale highlights the continual industrial market dominance in New Jersey,” said Mr. Wernick. “Industrial properties continue to be in high demand, especially in this prime Bergen County location with incredible infrastructure access.”
“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,” added Mr. Klapper.“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.”
80 Hancock Street is located just off the I-80 and Route 17 intersection, which provides direct access to major thoroughfares throughout New Jersey and New York and Port Newark/Elizabeth.Its last mile distribution location is within close proximity to the strongest consumer markets in the Northeast, making this site an ideal addition to the Prologis real estate portfolio.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
