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**St. John Properties Acquires 75-Acre Site in Delaware for Mixed-Use Development**
St. John Properties, Inc., a Baltimore-based real estate development and investment company, has expanded its operations into Delaware, marking its presence in a 13th state with the acquisition of a 75-acre site located off Bunker Hill Road in Middletown.
The firm plans to develop the site into Middletown Exchange, a mixed-use community that will include 225,000 square feet of flex, research and development, and retail space, along with 450 residential homes. Groundbreaking for the first phase is slated for this spring and will feature the speculative construction of two flex and R&D buildings totaling 96,000 square feet. Future plans call for three additional flex and office buildings.
Representing St. John Properties in the acquisition were Alex Lyons, Assistant Vice President, Acquisitions, and Sean Doordan, Senior Executive Vice President, Acquisitions and Growth. The company is currently seeking a development partner to purchase the residential land parcels and construct the approved homes.
Situated adjacent to US Route 301 and approximately 50 miles from Philadelphia, Middletown Exchange is poised to become a significant commercial hub. Upon completion, the commercial portion of the development is expected to support over 600 jobs.
In related news, Connect CRE is currently accepting nominations for its annual recognition of Commercial Real Estate’s Leading Investment Sales and Leasing Brokers. The awards program highlights top-performing professionals based on their achievements over the past year.
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