March 12, 2020
CBRE arranged the sale of a 59.29-acre industrial site at 107 Elbow Ln. in Burlington, NJ. Johnson Development Associates, Inc. acquired the property for an undisclosed sum, and plans to develop a 266,966-square-foot warehouse, to be known as Exit 5 Distribution Center.
A CBRE team of Dan McGovern, Paul Touhey and Drew Green arranged an off-market transaction between Johnson Development and the seller, Seacalco, LLC.
“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. “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 in marketing and leasing the project. It’s slated for completion in the fourth quarter.
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