St. John Properties enters Delaware with acquisition of 75-acre site in Middletown

Photo is representative of the prototypical building planned for Middletown Exchange - credit: St. John Properties.

Middletown, DE — St. John Properties, Inc. has entered its 13th state with the acquisition of a 75-acre site off Bunker Hill Rd. in Middletown. The Baltimore-based company, with 16 regional offices throughout the country, will develop Middletown Exchange, a mixed-used community comprising 225,000 s/f of flex/R&D and retail space, along with 450 homes.

Groundbreaking for Phase I is expected to occur this spring and will include the speculative development of two flex/R&D buildings totaling 96,000 s/f, with delivery expected early next year. Three additional flex/office buildings are planned for future development based on leasing momentum.

St. John Properties’ Alex Lyons, assistant VP, acquisitions and Sean Doordan, senior executive VP, Acquisitions and Growth, represented the company in this land purchase. St. John Properties is currently searching for a development partner to purchase the residential land parcels and build the approved 450 homes.

Middletown Exchange is adjacent to US Rte. 301, less than 30 miles from Wilmington, and 50 miles from Philadelphia. Upon completion, the commercial component of the project is expected to support more than 600 jobs.

The company’s signature flex/R&D buildings are single-story “part office/part warehouse” buildings separated into suites which can be built to suit based on each tenant’s requirements. The prototype building is a LEED designed brick building and includes 18-foot clear heights, rear dock and drive-in loading doors, elevated landscaping, and ample parking to support office, retail or light industrial users. The product serves a broad array of businesses including professional services companies, traditional office uses, retailers, and warehouse/logistics users, among others.

“As a vertically integrated, long-term owner, St. John Properties is focused on building relationships and investing in this community for the long haul,” added Doordan. “Middletown Exchange represents an important step in establishing our presence in northern Delaware and we’re actively pursuing new acquisition opportunities throughout the state to expand our footprint.”