Colliers arranges sale & JV of 11-Acre Black Horse Pike Site in Turnersville, NJ

Turnersville, NJ — Colliers has arranged and brokered the sale and joint venture of 11 acres of land along the Black Horse Pike at Watson Dr. in Turnersville between the seller, EML Holdings and the buyers, an affiliate of Retail Sites, LLC for 3.25 acres of the site and Turnersville Kia for 8.29 acres of the site. Rich Weitzman, senior vice president of Colliers represented the seller, EML Holdings,, and Retail Sites, LLC represented the buyer.

The transaction clears the way for a new mixed-use development that will include a America’s Discount Tire store, a future retail pad site, and the relocation of the Turnersville Kia dealership to a new 46,500 s/f facility, while creating the opportunity for additional commercial or residential development on additional land.

“This transaction was about finding the right uses and development team for this long vacant former car dealership and create value for the seller while solving an immediate need for the two automotive uses,” said Weitzman. “By working with Retail Sites and EML Holdings, we were able to structure a deal that supports current needs and allows a phased development of property to adapt as the corridor continues to grow.”

“Colliers was very helpful in this long transaction, and this location gives us the opportunity to relocate Kia into a modern facility,” while assisting America’s Discount Tire (represented by Jonathan Spoerl of Metro Commercial Real Estate) in their growth throughout the Philadelphia Metro Area” said Robert Hill, President of Retail Sites. “Colliers’ understanding of the market and their ability to align both sides of the transaction were critical in moving the project forward.”