The planned Turnpike 5 Logistics Park at Mount Holly and Irick roads will bring 528,478 square feet of modern industrial space to Burlington Township and Westampton, part of a project by NFI Real Estate and Penwood Real Estate Investment Management LLC. — Courtesy: JLL
By Joshua Burd
A joint venture has landed a $54 million construction loan to build more than 528,000 square feet of new industrial space in Burlington County, in a set of deals arranged by JLL.
The lender, Fifth Third Bancorp., provided the financing to NFI Real Estate and Penwood Real Estate Investment Management LLC in connection with the two-building project straddling Burlington Township and Westampton. Construction is underway on the speculative development, located on Mount Holly Road, at a site that’s directly adjacent to the New Jersey Turnpike’s Exit 5 interchange and just a mile from Interstate 295.
JLL arranged the joint venture between NFI and Penwood and sourced the construction loan on the partnership’s behalf. Completion is slated for late spring, the team said, noting that the project combines the operational expertise as a leading third-party logistics firm with an institutional yet entrepreneurial investment manager.
“NFI is excited to add such a dynamic, entrepreneurial investor in Penwood as a new partner along with Fifth Third as a new lender for this great project,” said Michael Landsburg, NFI’s chief investment officer. “We are thankful to the JLL team for facilitating the entire capital stack for us and know that these buildings will be well received in the market given their size, design and immediate access to the NJ Turnpike and I-295.”
Known as Turnpike 5 Logistics Park, the 528,478-square-foot project includes 310,000 square feet in Burlington Township and 218,478 square feet in Westampton, according to JLL. Both single-side load facilities will feature 36-foot clear ceiling heights, abundant loading positions, extensive trailer parking, heavy power and highly functional building and site configurations designed to meet modern logistics requirements.
Each also provides signalized ingress and egress directly onto Irick Road, offering immediate access to the Turnpike, the firms said. That places prospective tenants within a one-hour drive of New York City, Philadelphia, Newark Liberty International Airport and Port Newark-Elizabeth, serving a two-hour drive time market encompassing more than 27 million residents.
“We are proud to launch our partnership with NFI Real Estate with this premier logistics project,” said Andrew MacDonald, Penwood’s senior vice president of acquisitions. “The JLL team’s unparalleled market insight was instrumental in bringing this together. With construction slated for a Q2 2026 completion, we look forward to delivering these high-demand assets to the market.”
