A rendering of a new 300,700-square-foot warehouse and distribution facility on Railroad Avenue in Florence Township — Courtesy: Lee & Associates of Eastern Pennsylvania
By Joshua Burd
More than 300,000 square feet of new industrial space is coming to Burlington County, following a sale arranged by brokers with Lee & Associates of Eastern Pennsylvania.
The firm announced Tuesday that Black Creek Group has purchased a fully entitled, 30.8-acre site on Railroad Avenue in Florence Township. Foxdale Properties sold the development site, which includes two separate parcels, for $14.75 million.
At the time of the sale, the site was approved for the construction of a 300,700-square-foot warehouse and distribution facility.
“The site’s premier, infill location combined with its immediate development potential attracted every major institutional developer on the East Coast,” said Bob Yoshimura of Lee & Associates of Eastern Pennsylvania. “The outcome was an extremely competitive marketing process where we were able to drive pricing to the highest achievable level.”
Yoshimura represented Foxdale Properties alongside colleagues Joe Hill, Eric Mattson and Joe Hill Jr. Robert Lambert of Cushman & Wakefield’s Irvine, California office co-brokered the deal, while John Dewey of MDI Strategies LLC provided consulting services to the owner, helping to plan and complete the entitlement process for the property prior to the sale.
In a news release, Lee & Associates touted the site’s access to Route 130, the New Jersey Turnpike and Interstate 295. The firm said the location offers last-mile delivery capabilities throughout the Northeast Corridor, sitting within one of South Jersey’s strongest industrial submarkets.
Vacancy in Burlington County has hovered at or below 5 percent over the last three years, Lee & Associates said, even with more than 5 million square feet of new construction delivering during 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,” Hill said. “Over 90 percent of new space delivered in the county since 2017 has been either preleased or leased within three months of being constructed, showcasing the strength of this submarket.”