CBRE on Wednesday announced it has arranged the sale of a 59.29-acre industrial site in Burlington.
Johnson Development Associates Inc. acquired the property at 107 Elbow Lane for an undisclosed price. CBRE’s Dan McGovern, Paul Touhey and Drew Green represented Johnson Development in marketing and leasing the project. Seacalco LLC was the seller.
Johnson Development is planning to develop the site, which is called Exit 5 Distribution Center, into a 266,966-square-foot warehouse facility. It is expected to be delivered in the fourth quarter of 2020.
“This acquisition is another example of the robust demand from larger institutional industrial developers looking to acquire land and product in Southern New Jersey,” McGovern, first vice president, CBRE, said. “We think this is a great purchase for Johnson Development Associates, who continues to expand their footprint in South Jersey and our team is confident Exit 5 Distribution Center will be a tremendous success.”
The site is within close access to Exit 5 of the New Jersey Turnpike and Exit 47 of Interstate 295.