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Johnson Development Associates, a developer of industrial, multifamily, self-storage, renewable energy and commercial properties, has acquired a 59.3-acre industrial site on Elbow Lane in Burlington, New Jersey, from Seacalco LLC for an undisclosed price.
South Carolina-based Johnson Development plans to develop a 267K SF warehouse facility at the suburban Philadelphia property. Dubbed the Exit 5 Distribution Center, it is expected to open later this year.
The CBRE team of Dan McGovern, Paul Touhey and Drew Green arranged the off-market transaction and will represent Johnson Development in marketing and leasing the project.
“This acquisition is another example of the robust demand from larger institutional industrial developers looking to acquire land and product in Southern New Jersey,” McGovern said in a press release.
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