Colliers Brokers 11-Acre Land Sale and Joint Venture for Mixed-Use Retail Real Estate Development in Turnersville, NJ

TURNERSVILLE, N.J. — Colliers has brokered the sale of an 11.5-acre land parcel at 3940 Black Horse Pike in Turnersville, N.J., paving the way for a joint venture between an affiliate of Retail Sites, LLC and Turnersville Kia to develop the first phase of The Shoppes at Turnersville, a planned mixed-use real estate development in Washington Township.

The seller, EML Holdings, was represented by Rich Weitzman of Colliers in the transaction. Financial terms of the land sale were not disclosed.

Deal Structure and Development Plans

The 11.5-acre initial phase is being divided between two buyers: an affiliate of Retail Sites, LLC is acquiring a 3.25-acre parcel, while Turnersville Kia is acquiring an 8.29-acre parcel. The Kia dealership will relocate into a new 46,500-square-foot facility on the site. The broader development plan for The Shoppes at Turnersville includes inline retail space, endcaps, and pad sites, with the property situated at the signalized intersection of Black Horse Pike (Route 42) and Watson Drive.

About the Parties

Retail Sites, LLC is a retail-focused real estate development firm involved in the commercial component of the joint venture. Turnersville Kia is an automotive dealership operating along the Black Horse Pike corridor that will anchor the development's first phase with its relocated facility. EML Holdings served as the land seller in the transaction.

Colliers facilitated the land sale and joint venture formation. Rich Weitzman of Colliers served as the investment sales broker on behalf of seller EML Holdings.

Sources:
Colliers — Colliers Brokers Land Deal for Mixed-Use Development and Relocated Kia Dealership