Exceptional Location & Development Potential Attracted Wide Market Interest
FLORENCE TOWNSHIP, NJ, May 12, 2020 – Lee & Associates of Eastern Pennsylvania’s Capital Markets team orchestrated the $14.75 million sale of a 30.8-acre site located on Railroad Avenue in Florence Township, Burlington County, NJ. Black Creek Group purchased the land, which consisted of two (2) separate parcels, from Foxdale Properties. At the time of sale, the site was fully approved for the construction of a 300,700 square foot warehouse/distribution facility.
Lee & Associates of Eastern Pennsylvania’s Capital Markets team consisting of Bob Yoshimura, Joe Hill, Eric Mattson and Joe Hill, Jr. represented Foxdale Properties in the sale. Robert Lambert, from Cushman & Wakefield’s Irvine, California office, co-brokered the deal in conjunction with the Lee & Associates team. John Dewey of MDI Strategies, LLC provided consulting services to the Owner, helping to plan and complete the entitlement/approval process for the property prior to the sale.
“The site’s premier, infill location combined with its immediate development potential attracted every major institutional developer on the East Coast. The outcome was an extremely competitive marketing process where we were able to drive pricing to the highest achievable level,” said Yoshimura.
The site offers convenient accessibility to U.S. Route 130, the New Jersey Turnpike and I-295. This exceptional location within the Southern New Jersey industrial market provides last mile delivery capabilities throughout the Northeast Corridor. Burlington County has historically been considered the strongest industrial submarket within Southern New Jersey, consisting of over 30.6 million square feet of inventory as of first quarter 2020. Vacancy in Burlington County has hovered at or below 5.0% over the last three (3) years, even with over five (5) million square feet of new construction delivering throughout that time frame.
“Burlington County is one of the most desirable locations for industrial development throughout the Northeast Corridor due to its excellent accessibility to both the Philadelphia and New York City metropolitan areas; over 90% of new space delivered in the county since 2017 has been either pre-leased or leased within three (3) months of being constructed, showcasing the strength of this submarket,” added Hill.
In the last five (5) years, the Yoshimura/Hill Capital Markets team has sold nine (9) buildings comprising nearly three (3) million square feet for a total value of over $250 million throughout the Southern New Jersey industrial market.
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About Lee & Associates
Celebrating more than 40 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in North America with locations across the U.S. and Canada including California, Colorado, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Toronto, Ontario, Vancouver BC and Wisconsin. With more than 1,000+ brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level.
Operations in the Pennsylvania region began in May 2015 under the leadership of Principals Brian Knowles, CCIM, SIOR, and John Van Buskirk, SIOR. Long recognized individually as national leaders in the industrial real estate business, they have chosen to take their over 50 years of combined real estate experience in a new direction – as broker-owners. For the latest news from Lee & Associates, visit lee-associates.com/pennsylvania or follow us on LinkedIn, Facebook, Instagram and Twitter.
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