By Linda Moss CoStar News
Singapore-based Mapletree Investments has broken ground on a state-of-the-art industrial facility in a Philadelphia suburb of New Jersey.
The 250,000-square-foot project is slated for 1960 Burlington-Mount Holly Road in Westampton Township. The development, situated on a 22.5-acre parcel, is scheduled for completion in the second quarter next year.
Once complete, the Class A facility will feature 36-foot-clear ceiling heights, 44 dock doors, two drive-in doors, 150 parking spaces, 62 trailer stalls, electric vehicle charging infrastructure, LED lighting, a solar-ready roof and smart meters, according to Chiagorom Osu, head of U.S. logistics development at Mapletree.
“We see strong, long-term value in the industrial sector, where development plays an essential role in our growth strategy,” Richard Prokup, U.S. CEO of Mapletree, said in a statement.
The planned facility is located near major transportation arteries, including the New Jersey Turnpike, airports and seaports, making it well positioned to serve as a distribution and last-mile delivery hub in one of the most strategic logistics corridors in New Jersey.
In addition to building U.S. industrial properties, Mapletree has also been offloading some. It recently announced it had a deal to sell a 2.4 million-square-foot industrial portfolio in the Southeast to EQT Real Estate for $241.2 million. That followed a portfolio sale in June, when Mapletree shed 1.8 million square feet across 30 buildings for $328 million.
Regarding this week's sale, Prokup said, “This divestment represents a strong outcome for our investors and affirms the value we’ve created across our U.S. industrial portfolio.”
The company plans to reinvest proceeds into warehouse assets that align with long-term growth objectives, according to Prokup.
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