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Case Study

JLL Partners with Prologis; Provides Solutions to Maximize Property Value

Situation
JLL’s Industrial Supply Chain and Logistics (SCL) team worked closely with the brokerage team to maximize value for the client in the upgrade and subsequent lease of 200 Docks Corner Road in South Brunswick, NJ. 

Challenge
Prologis wanted to lease their 309,925 s.f. facility, an antiquated former manufacturing site that was renovated, expanded, and repurposed into a distribution center. The asset featured several substantial challenges including a 445 foot deep single side load configuration, altering clear heights of 20’ and 33’ and column spacing of 20’ x 80’, with the 20’ spacing in the critical direction (parallel to the dock wall).

These issues hindered the building’s marketability, as the perception from the brokerage community was that it was not leasable in a sub-market saturated with Class A product, which were being leased at below market rents.

Approach
JLL provided upgrade recommendations to Prologis to help increase the building’s storage capacity and operational efficiency. After Prologis invested in building improvements, JLL organized a brokerage event to reintroduce the property and influence the market’s perception of the asset.

At the event, the SCL group presented a framework to brokers that could be communicated to prospective tenants regarding potential racking and material  handling equipment layouts. They demonstrated solutions regarding challenges caused by column spacing, multiple ceiling heights, and partially segregated areas within the overall space.  The JLL team quantified capacity,  efficiency and costs that brokers could relay to  potential tenants so they could compare overall expenditures in relation to other buildings.

Results
The changes implemented by Prologis significantly improved the building’s value. Following JLL’s brokerage event, interest was reignited from the brokerage community and the facility was leased shortly thereafter.

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