December 21, 2018
In December 2018, Global acquired a former Acme grocery store that the Company plans to convert into a 3rd-generation climate controlled self-storage facility. The property is 88,900 gross square feet with net rentable square feet of 67,035. Cinnaminson, NJ is located in the Upper Burlington County submarket, which covers the top quarter of New Jersey’s largest county. Additionally, Global plans to construct three retail pads, two of which are an IHOP restaurant and a Children of America Day Care center, on the property, which sits on 6.99 acres of land.
Large swaths of Upper Burlington County are dominated by single-family houses, leaving apartment inventory concentrated in small patches – mostly along the Delaware River and on the Southern end close to Cherry Hill Mall. Unlike many closed-in Philadelphia suburban markets, where eds and meds dominate employment, Upper Burlington County has greater exposure to warehouse/logistics, military spending and agriculture. Lockheed Martin, the Fort Dix Army Base, and the McGuire Air Force Base are three of the County’s largest employers, and Amazon made a big splash when it moved into a 615,000 square foot fulfillment center in Florence Township.