Burlington Just Put 739,000 Square Feet of New Jersey Real Estate on the Market
The retailer's $370 million Philadelphia move has a second half: two South Jersey properties, office and warehouse both, headed for sale.
Burlington Stores plans to sell two South Jersey properties totaling 739,000 square feet of office and warehouse space across two New Jersey townships, Philadelphia Business Journal reported. The company hasn't named the addresses yet. The timing lines up with its $370 million move into 3151 Market Street at Schuylkill Yards, the tower that sat 96% vacant until Burlington's headquarters deal filled it in a single transaction.
Burlington built its base in Burlington County over more than fifty years, with its current headquarters at 1830 Route 130 North in Burlington Township. Whether that address is one of the two properties changing hands hasn't been confirmed. A company consolidating its operation into one Philadelphia tower doesn't need two locations' worth of office and warehouse space sitting behind it.
739,000 square feet is nearly double what Burlington just absorbed on the Philadelphia side. That's a serious block of South Jersey office and industrial space about to compete for buyers or tenants, in a county where landlords are already tracking vacancy. Whoever gets a line on the actual addresses before they hit the listing services has a runway most brokers in this market won't get.
Source: Philadelphia Business Journal, The Philadelphia Inquirer
Why it matters
A headquarters relocation usually means new space filling up. This one also means 739,000 square feet emptying out in South Jersey, and the addresses aren't public yet.
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