Prologis, the largest industrial real estate company in the world, acquired 80 Hancock St. in Lodi from L/GAM LLC for $5.55 million, according to a Thursday announcement from CBRE, which arranged the acquisition of the short-term-leased 24,500-square-foot property.
Prologis plans to hold it as an industrial investment.
CBRE also noted it sold the adjacent industrial property, 65 Industrial Road, in 2020, which was 197,000 square feet 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 team of 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,” Wernick said. “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,” Klapper added. “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 St. is located just off the Interstate 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.