Credit: Google Maps
A Boston real estate company recently purchased a large portion of the Reedman Toll Auto Group property along East Old Lincoln Highway/Maple Avenue (Route 213) in Middletown Township.
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The Philadelphia Business Journal recently reported 79.5 acres of land were sold to Boston-based Novaya Foxfield Industrial for $50 million.
Bruce E. Toll’s real estate company, BET Investments, sold the land.
According to county property records, the lane makes up the old test track, security building, and parking area near I-295. More property could be included, but not yet reflected in county records.
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The old test track and abutting property has been leased as a parking lot for Amazon delivery vans and tree trimming trucks over the past year.
There was a proposal to build a shopping center that would have had retail, restaurants, and a bank at the site of the Reedman Toll test track about a decade ago. However, those plans did not moved forward after being denied by the Middletown Township Zoning Hearing Board.
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Michael Markman, president of BET Investments, told the Philadelphia Business Journal the land that was sold was considered “underutilized.”
The main dealership along East Lincoln Highway continues to operate and that land has not been sold.
Credit: Google Maps
Novaya Foxfield Industrial owns lots of industrial and office spaces. They also have owned residential properties and retail centers.
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Last year, Reedman Toll Auto World revealed an undeveloped portion of the dealership property across from the parking lot was being shopped for a potential warehouse development.
Township officials were presented preliminary plans for a 450,000-square-foot warehouse that could be built at the site. The officials noted there were no firm proposals, but the plan was just a concept for potential use. Any new construction will have to go through the land development project.
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Lower Bucks County has become a hub for logistics due to its easy access to rail, airports, ports, cities, Route 1, I-295, I-95, and the Pennsylvania Turnpike.
Amazon operates several warehouses in the Levittown area, and the 1,800-acre Keystone Trade Center project is underway in Falls Township. The logistics-focused Keystone Trade Center could finish out with as much as 15 million square feet of new warehouse space and 5,000 to 10,000 jobs with a total investment of $1.5 billion over the coming years.
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