CHERRY HILL – A Camden firm wants to build a warehouse at a Woodcrest site once expected to hold shops and offices.
NFI Real Estate has proposed a 162,000-square-foot facility at the Victory West redevelopment area on the 100 block of Woodcrest Road, according to material submitted to the town’s planning board.
Board members advanced the proposal Monday night with a vote that recommended township council revise the area’s redevelopment plan.
“The next step is for township council to review the planning board’s recommendation and vote on an ordinance to amend the redevelopment plan,” said township spokeswoman Michelle Caffrey. “Like any ordinance, that will require both a first and second reading, with a public hearing on the second reading.”
The warehouse-and-distribution facility could rise next to a 370-unit apartment complex now being built by an affiliate of First Montgomery Group of Haddon Township.
The report, prepared by a planning firm retained by NFI Real Estate, cited vacancy rates in South Jersey of 21.8 percent for office space and 14.3 percent for retail properties.
“In contrast, the industrial market is fast growing with high leasing activity,” said the report. It noted a 1.5 percent vacancy rate for warehouse space in Camden County.
This trend “is likely to persist in the future with the continued advent of e-commerce and remote work,” said the report.
The proposed warehouse would be close to Interstate 295 and the New Jersey Turnpike, and would use the driveway of an adjacent NFI warehouse on Woodcrest Road near Burnt Mill Road, the report said.
The warehouse also would be diagonally across from PATCO’s Woodcrest station.
The report said a tenant has not been identified for the distribution complex, but it predicted 50 to 125 people could work there.
It also estimated the proposed construction would have an assessed value of about $14 million and would produce almost $600,000 in property taxes for the township, its school district and Camden County.
NFI’s planner said the First Montgomery affiliate has agreed to sell the Victory West site and does not oppose the planned warehouse.
It also said the warehouse and its residential neighbors would be separated by “50-foot landscaped buffers.”
NFI Real Estate is a unit of NFI Industries, a nationwide logistics firm based on Camden’s Waterfront.
*Article courtesy of Courier Post
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