A rendering of a 289,042-square-foot warehouse project at 2609 Rancocas Road in Burlington Township — Courtesy: Endurance Real Estate Group
By Joshua Burd
A developer has broken ground on a two-building industrial project that will bring nearly 300,000 square feet of new warehouse space to Burlington Township.
An affiliate of Endurance Real Estate Group, a Radnor-Pennsylvania-based firm, said it has secured full approvals to begin the speculative development at 2609 Rancocas Road. Slated for completion by late next year, the buildings will span 289,042 square feet, boasting quick access to Exit 47 of Interstate 295 and Exit 5 of the New Jersey Turnpike.
Endurance will act as development manager and oversee the general contractor, Arco Design/Build Industrial, at the 56.6-acre site. Its partner in the project is Cabot Properties.
“We are excited to see this speculative project kick off and especially proud of our team’s perseverance in efficiently achieving approvals despite various site complexities and other unique hurdles relating to the global pandemic,” said Jared Newman, Endurance’s vice president of acquisitions. “This is our first development alongside Cabot Properties, and we look forward to completing construction and ultimate lease up of the property.”
Endurance acquired the property as part of a transaction brokered by Kurt Montagano of Newmark, who represented the seller. John Plower, Nate Demetsky and Ryan Cottone of JLL advised the developer in the deal.
The larger building, which will span 217,986 square feet, will have 36-foot clear ceiling heights with 42 loading docks, two drive in doors, LED lighting, 180 car parking spaces and 28 trailer parking spaces. The second building will have 71,056 square feet, with 32-foot clear heights, 13 loading docks, one drive-in door and 69 car parking spaces.
“Despite the current health crisis, the strength of the Burlington County submarket and all of New Jersey has not slowed a bit and, if anything, tenant demand has accelerated,” Endurance President Benjamin Cohen said. “We are bullish on our ability to prelease these buildings with their best-in-class-design features and superb location.”