BURLINGTON TOWNSHIP, N.J. — A partnership between industrial development firms Clarion Partners and MRP Industrial has started construction on the final phase of The Crossings, a redevelopment of the former Burlington Center mall located in the Philadelphia suburb of Burlington Township. The last phase comprises 500 multifamily units, including affordable housing options, that are set to open in late 2025. The new apartments will cap a six-year effort by Clarion Partners and MRP to transform the 800,000-square-foot enclosed regional mall into a mixed-use destination. In addition to the planned multifamily component, The Crossings will feature more than 2.5 million square feet of warehouse and distribution space, approximately 135,000 square feet of retail space and a 153-room hotel at full build-out. Clarion Partners and MRP expect The Crossings to support 1,400 new jobs at full capacity, including 900 in the warehouse sector and 500 in retail and hospitality. Moonbeam Capital Investments, the Las Vegas-based owner of the former Burlington Center mall, assisted in the redevelopment efforts. “The Crossings was made possible by the cooperation of Burlington Township and County elected officials, who recognized the opportunity to transform a blighted shopping mall into an integrated, vibrant and economically viable mixed-use development that …
Industrial
Todd Ostransky, vice president of development at Indicap, knew Metro Phoenix was a market the firm wanted to enter for industrial development. Though the area is a hotbed of industrial activity, Indicap’s attention immediately set on Mesa, less than 20 miles east of Phoenix, for its inaugural project. “We identified the East Valley as an area of growth, along with the need for space for mid-bay industrial spec product,” he says. Indicap and joint venture partner AECOM-Canyon Partners chose a 65-acre space within the mixed-use, master-planned community of Eastmark. The JV purchased the site for $48 million in April 2022 during a period of “aggressive expansion,” which saw Indicap kick off 10 developments involving more than 13 million square feet of Class A industrial space across key Arizona corridors. The inaugural Phoenix-area project was Eastmark Center of Industry, which completed Phase I construction in April. This phase brought 978,837 rentable square feet of Class A industrial space to Mesa’s Gateway Airport submarket. The space spans five mid-bay and cross-dock buildings. It features concrete slab on grade, tilt-up exterior walls, and a hybrid wood roof system, ensuring durability and flexibility. Power was also a major amenity for a project of this …
SUFFOLK, VA. — A joint venture between Atapco Properties Inc. and Ausblick Development has purchased 124 acres within Virginia Port Logistics Park, a 932-acre industrial campus located in the Hampton Roads city of Suffolk. Situated about 30 miles from the Port of Virginia, the site has the capacity to accommodate 1.5 million square feet of industrial space across a single facility or multiple buildings. Construction plans were not disclosed. The project represents the entry into Hampton Roads for both Atapco Properties and Ausblick Development.
LEBANON, TENN. — Marcus & Millichap has brokered the sale of Leeville Pike Storage, a 182-unit self-storage facility located at 6000 Leeville Pike in Lebanon, about 20 miles east of Nashville via I-40. The gated property was built in 2015 and features LED lighting and security cameras. Andrew Beeckman of Marcus & Millichap’s Nashville office represented the seller and procured the buyer in the transaction. Both parties requested anonymity, and the sales price was also not disclosed. Beeckman says the previous owner was motivated to sell in order to retire.
ARLINGTON, TEXAS — NAI Robert Lynn has brokered the sale of a 61,458-square-foot warehouse in Arlington. According to LoopNet Inc., the property at 525 113th St. was built on 2.8 acres in 1970, renovated in 2014 and features 21-foot clear heights, 100-foot truck court depths and parking for 56 cars. Michael Stanzel of NAI Robert Lynn represented the seller, JTM Management LLC, in the transaction. Eugene Krasny of KEI Realty represented the buyer, Weby Holdings Inc.
CINCINNATI AND BELTON, MO. — Matthews Real Estate Investment Services has brokered the sale of a two-property industrial portfolio in Cincinnati and Belton, Mo., for $11 million. SiteOne occupies the buildings, which total 37,201 square feet. The seller was the founder of Semco Stone, one of the largest natural stone distributors in the Midwest. SiteOne Landscape Supply acquired Semco Stone in 2021. An all-cash buyer purchased the portfolio at a cap rate of 6.55 percent. Taylor Dintzner, Erik Manarino and John Stroud of Matthews brokered the sale.
BRANCHBURG, N.J. — CBRE has brokered the sale of a 311,040-square-foot industrial building in the Northern New Jersey community of Branchburg. The building sits on a 26.2-acre site at 3091 Route 22 E. and features a clear height of 40 feet and 42 loading docks. Randy Eigen of CBRE represented the buyer, an entity doing business as TYH Branchburg LLC, in the transaction. Matthew Turse, Tim Cadigan, Judy Troiano, John Gianis and Stephen Gianis of Avison Young represented the seller and developer, Transwestern Development Co.
MICKLETON, N.J. — San Francisco-based mortgage banking firm Gantry has arranged a $10.2 million acquisition loan for a 454-unit self-storage facility located at 350 Swedesboro Ave. in the Southern New Jersey community of Mickleton. The facility includes climate-controlled space, drive-up units and vehicle storage spaces. Andy Bratt, Amit Tyagi and Sean Kuang of Gantry arranged the loan on behalf of the borrower, Moove In Storage. The direct lender was not disclosed.
NEW YORK CITY — Stuf Storage has opened a 110-unit self-storage facility in Brooklyn. The facility is located at 550 Fifth Ave. in the Park Slope neighborhood and consists of gross 9,000 net rentable square feet of space. Units range in size from 20 square feet to 250 square feet. The owner of the building was not disclosed. Stuf Storage now operates about 30 facilities across seven states.
MOUNT LAUREL, N.J. — Colliers has negotiated the sale of a 17,768-square-foot industrial building located just outside Philadelphia in Mount Laurel. The building, which according to LoopNet Inc. was built in 1970 and features a clear height of 16 feet, was renovated in 2017 and fully leased at the time of sale. Marc Isdaner and Ian Richmond of Colliers represented the seller, East Capital Partners, in the transaction. The buyer was an undisclosed 1031 exchange investor.