Black Creek Group has acquired a site in Southern New Jersey for $14.75 million that has local approvals for construction of a 300,700-square-foot warehouse-distribution facility.
The Denver-based real estate developer purchased the nearly 31-acre site, which includes two parcels, at 837 Railroad Ave. in Florence from Foxdale Properties of Pasadena, California. At the time of sale, the site was fully approved with entitlements for the industrial building.
In an emailed statement to CoStar, Black Creek said it's seeking bids to begin construction during the summer with expected completion of the shell next spring.
"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."
The site is in Burlington County, which had over 30.6 million square feet of inventory as of the first quarter. With its position along the Northeast corridor, the county has quick access to New York City and Philadelphia.
The industrial vacancy rate in Burlington County has been at or below 5% over the past three years, even with more than 5 million square feet of new construction completed throughout that time period.
www.omegare.com
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