Thursday, January 7, 2021

Developers pay $110.5M for 117-acre South Jersey site, plan two new warehouses

 Michelle Caffrey  Reporter Philadelphia Business Journal

A 117-acre industrial site in South Jersey has sold for $110.5 million, paving the way for the construction of two speculative Class A distribution buildings. 

A joint venture between Clarion Partners and Baltimore-based MRP Industrial bought the expansive property at 1900 River Road in Burlington Township from Boston-based Stag Industrial, which paid $61.5 million for the site in 2015. 

A vacant 1-million-square-foot warehouse building formerly occupied by the U.S. General Services Administration currently sits on the property and will be decommissioned and demolished.

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