Denver-based Black Creek Group bought a 30.8-acre site in Burlington County for $14.8 million in a deal that expands the firm’s growing presence in the Philadelphia area.
The site, located on Railroad Avenue in Florence Township, is approved for the construction of a 300,700-square-foot warehouse and distribution facility.
The site sits among the area’s sprawling industrial buildings as its location near Rt. 130 and the New Jersey Turnpike, as well as between the Philadelphia and New York metro areas, has made it an industrial hub in recent years.
“The site’s premier, infill location combined with its immediate development potential attracted every major institutional developer on the East Coast. The outcome was an extremely competitive marketing process where we were able to drive pricing to the highest achievable level,” Lee & Associates’ Bob Yoshiumuro said in a statement.
Black Creek’s footprint in the region has continued to expand. It purchased a nearly 300,000-square-foot warehouse in Mount Laurel for $32.2 million late last year. It also bought a 207,500-square-foot distribution center at 3025 Meeting House Rd. in Philadelphia earlier this year. Last year, it paid $32 million for a five-building industrial portfolio in King of Prussia totaling 292,110 square feet at 201, 221 King Manor Drive and 741, 780, 820 Third Ave.
The Railroad Avenue property was previously two separate parcels before the sale, and is also located near the Roebling stop on the Riverline light rail.
As rising ecommerce trends have drawn investors to distribution facilities, those located near major transit arteries have become among the most desirable. Burlington County itself has been a prime area for industrial development, with vacancy in the area landing at 5% or less over the last three years, while 5 million square feet of new space was constructed in the area during that same time period.
“Burlington County is one of the most desirable locations for industrial development throughout the Northeast Corridor due to its excellent accessibility to both the Philadelphia and New York City metropolitan areas,” Hill said. “Over 90% of new space delivered in the county since 2017 has been either pre-leased or leased within three months of being constructed, showcasing the strength of this submarket.”
*Article courtesy of Philadelphia Business Journal
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