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.
New York-based Clarion and MRP Industrial, which also operates an office in West Chester, plan to construct two new buildings on the site based on increasing demand in the area for distribution assets. The projected size of the two buildings has not been determined.
The property is located close to Route 130, the New Jersey Turnpike, two bridges into Pennsylvania and Interstate 295, making it a hot area for e-commerce companies seeking access to major transit arteries.
In late 2019, Amazon opened a new 1-million-square-foot warehouse about two miles south of the 1900 River Road site. Amazon’s building sits on the border of Burlington Township and Burlington City, and adds to the e-commerce giant’s presence in the area. It also operates a more than 600,000-square-foot facility about four miles north on Cedar Lane in Florence.
MRP is also developing a two-building, 950,000-square-foot Class A industrial park on 102 acres on Florence-Columbus Road in Mansfield, Burlington County, roughly seven miles from the 1900 River Road site.
In 2016, MRP and New York-based Clarion developed the four-building, 1.6-million-square-foot Burlington Industrial Park located just off Route 130 in Burlington Township. Current tenants include retailer H&M, American Hotel Register and HD Supply.
*Article courtesy of Philadelphia Business Journal
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