Thursday, November 12, 2020

Speculative Project’s 57-Acre Site Was Recently Acquired in NJ

Owners have kicked off construction of a two-building warehouse project, without any tenants lined up, in Burlington, New Jersey.

The developer secured the necessary entitlements and will serve as development manager for the 289,042-square-foot project at 2609 Rancocas Road on behalf of its partner Cabot Properties, a private equity firm. The buildings, being built on speculation, are expected to be completed by early in the fourth quarter next year.

The first building, at 217,986 square feet, will offer 36-foot-clear ceilings and will be equipped with 42 loading docks, two drive-in doors, LED lighting, 180 car-parking spaces and 28 trailer-parking spaces. The second building, at 71,056 square feet, will feature 32-foot-clear ceilings, 13 loading docks, one drive-in door and 69 car-parking spaces.

The development is located in the central New Jersey industrial market of Burlington, with quick access to Exit 47 of Interstate 295 and Exit 5 of the New Jersey Turnpike

"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." 

 Cabot Properties purchased the nearly 57-acre Burlington site for the development this month.

Earlier this year, Endurance and PCCP acquired a seven-building industrial portfolio totaling 554,000 square feet in southern New Jersey for roughly $43 million. Those properties were located in Delran, Mount Laurel and Swedesboro.

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