Prologis buys Mount Laurel office building

Prologis Inc. has paid $13.25 million for a 114,646-square-foot office building in Mount Laurel that it intends to raze to make way for a new 184,500-square-foot industrial facility. 

Veritas Real Estate of Marlton, New Jersey, was the seller.  While real estate companies have eyed well-located vacant or obsolete office buildings for industrial use in other markets, those transactions haven’t been as prevalent in the Philadelphia region. The sale of 112 West Park Drive to Prologis (NYSE: PLD) may be the first of more to come as office landlords start to evaluate their properties in a market that remains in flux.

About 80% of the building, which sits on nearly 17 acres, was vacant as a result of Comcast Corp. departing as a tenant. A few tenants occupying about 30,000 square feet remain and have leases expiring over the next couple of years. 

*Article courtesy of Philadelphia Business Journal

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