CBRE Announces Sale Of 59-Acre Industrial Site In Burlington, New Jersey

3/11/20

CBRE today announced that it has arranged the sale of a 59.29-acre industrial site located at 107 Elbow Lane in Burlington, New Jersey. Johnson Development Associates, Inc. acquired the property for an undisclosed sale price.

The CBRE team of Dan McGovern, Paul Touhey and Drew Green arranged an off-market transaction between Johnson Development and the seller, Seacalco, LLC.

Johnson Development Associates has plans to develop a 266,966 sq. ft. warehouse facility at the site called Exit 5 Distribution Center, which is expected to deliver during 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,” said McGovern, First Vice President, CBRE. “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 CBRE team will be representing Johnson Development Associates in marketing and leasing the project. Exit 5 Distribution Center is just 1.3 miles from Exit 5 of the New Jersey Turnpike and one mile to Exit 47 of I-295.

This is the CBRE team’s second successful acquisition facilitated for Johnson Development Associates in the past year.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.