Excellent Location and Development Potential Attracted Robust Market Interest
(L-R): Bob Yoshimura, Principal, Joe Hill, Jr. Principal, Eric Mattson, Principal and Joe Hill, Vice President
Lee & Associates of Eastern Pennsylvania’s Capital Markets team orchestrated the sale of a 35-acre industrial site located at 1517 Route 38 in Hainesport, Burlington County, NJ. Black Creek Group purchased the site from Atlantic Wood Industries.
Lee & Associates of Eastern Pennsylvania’s Capital Markets team consisting of Bob Yoshimura, Joe Hill, Eric Mattson and Joe Hill, Jr. represented Atlantic Wood Industries in the sale. Additionally, the Capital Markets team advised Black Creek Group on a simultaneous purchase of an adjacent 10-acre parcel located at 1499 Route 38 in Hainesport, NJ.
“The site’s exceptional, infill location combined with its development potential attracted widespread interest from a diverse group of highly qualified investors. Burlington County is experiencing unparalleled demand from the institutional development community as the need for modern distribution space that can efficiently service large consumer bases continues to rapidly accelerate,” said Yoshimura.
The site offers convenient accessibility to the New Jersey Turnpike and I-295. This excellent location within the Southern New Jersey industrial market provides last mile delivery capabilities throughout the Northeast Corridor. Burlington County has historically been considered the strongest industrial submarket within Southern New Jersey, consisting of over 32.7 million square feet of inventory as of year-end 2020. Net absorption for Class A industrial product in Burlington County increased 29% year-over-year, increasing from 2.1 million square feet in 2019 to 2.7 million square feet in 2020, showcasing the submarket’s increasing desirability.
“Historic demand for modern, well located distribution facilities is fueling continued development in this sector. Expectations are for significant demand to continue as e-commerce and last mile facilities require space for expansion,” added Joe Hill.
The sale of 1517 Route 38 represents the third major industrial land transaction that the Yoshimura/Hill Capital Markets team has completed within the last 12 months in Burlington County. In December 2020, the Capital Markets group arranged the sale of a 116.8-acre site located at 1900 River Road in Burlington Township, NJ for $110.5 million. In March 2020, the Capital Markets group orchestrated the sale of a 30.8-acre site located at 839 Railroad Avenue in Florence Township, NJ for $14.75 million.
Celebrating more than 40 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in North America with locations across the U.S. and Canada including California, Colorado, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Toronto, Ontario, Vancouver BC and Wisconsin. With more than 1,000+ brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level.
Lee & Associates of Eastern Pennsylvania, LLC (LAEP) was founded in 2015. The Capital Markets team, led by Bob Yoshimura and Joe Hill, joined in 2019. The LAEP Capital Markets team has over 100 years of combined experience and have established themselves as one of the preeminent teams in the region. The Yoshimura/Hill Capital Markets group has completed $8.0 billion of transactions in their careers. For the latest news from Lee & Associates, visit lee-associates.com/pennsylvania or follow us on LinkedIn, Facebook, Instagram and Twitter
