A new industrial development could be in the works for a 9-acre parcel of land in Burlington Township, where the ever-rising demand for warehouse and distribution space has made a stretch of Route 541 a new industrial hot spot.
Peter Singh, an individual not tied to a development firm, bought the property at 1 Terri Lane from a limited liability company affiliated with homebuilder J.S. Hovnanian & Sons and is in the early stages of planning an industrial project for the site. A price was not disclosed and is not yet available via public records.
Wolf Commercial Real Estate’s Ryan Barikian, who represented the buyer and seller in the deal, said Hovnanian owns land throughout the Burlington area and was looking to sell-off some of its smaller parcels.
Despite its prime location just feet from Route 541 and in between entrances to both I-295 and the New Jersey Turnpike, the property at 1 Terri Lane was on the market for more than a year. The main issue, Barikian said, is that only roughly 3 acres are buildable land. The rest of the land is protected wetlands.
“It’s not as big as people would think,” he said.
While Singh is still in the initial stages of planning and has yet to submit any formal proposals to the township, it’s likely he’ll develop a small warehouse or distribution building, Barikian said. Projections show a roughly 30,000-square-foot building could fit on the site.
While the area has long had an industrial presence -— the site is at the end of the Bromley Commons, a winding, midsize industrial park in the township — it’s seeing a new wave of larger developments seeking to take advantage of its prime location and the consistently strong demand for distribution space.
Directly across from the Terri Lane site, South Carolina-based Johnson Development Associates is in the midst of building a new 267,000-square-foot warehouse called the Exit 5 Distribution Center. Johnson Development bought the 59-acre parcel at 107 Elbow Lane for $5 million in March and construction is underway.
“That will be big for the area,” Barikian said. “Obviously industrial has been really hot lately. It’s about the point and click we all do; they need a place to send all the materials that are going to be delivered to our houses.”
The parcels are located across Route 541, or Burlington-Mt. Holly Road, from the shuttered Burlington Center mall. After the mall died a slow death, officially closing its doors in fall 2018, it was sold to Clarion Partners which is partnering with MRP Industrial to redevelop the site and build a mixed-use project that includes retail, industrial and residential elements.
The mall sits near the border of Burlington and Westampton Township. Just over the border in Westampton, MRP is developing a 610,000-square-foot warehouse on a 43-acre property.
Barikian said the roadway is likely to continue to draw interest, given its location and ongoing development activity.
“We don’t want to overdevelop, but that corridor is pretty prime for it considering how much open space there is and how close it is to the highways,” he said.
*Article courtesy of Philadelphia Business Journal
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