St. John Properties, Inc. has entered its 13th state with the acquisition of a 75-acre site off Bunker Hill Road in Middletown, Delaware.
The Baltimore-based company will develop Middletown Exchange, a mixed-use community comprising 225,000 square feet of flex, R&D and retail space and 450 homes. Groundbreaking for Phase I is expected to occur this spring and will include the speculative development of two flex and R&D buildings totaling 96,000 square feet. Three additional flex and office buildings are planned for future development.
St. John Propertiesâ Alex Lyons, Assistant Vice President, Acquisitions and Sean Doordan, Senior Executive Vice President, Acquisitions and Growth, represented the company in the land purchase. St. John Properties is currently searching for a development partner to purchase the residential land parcels and build the approved homes.
Middletown Exchange is adjacent to US Route 301, 50 miles from Philadelphia. Upon completion, the commercial component of the project is expected to support more than 600 jobs.
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