Joint venture equity and construction financing secured for 528K-SF logistics park in Burlington County, NJ

MORRISTOWN, N.J., Jan. 29, 2026 – JLL Capital Markets announced today it has facilitated a joint venture partnership and secured $54 million in construction financing for Turnpike 5 Logistics Park, a two-building, 528,478-square-foot speculative industrial development, strategically located at Exit 5 of the New Jersey Turnpike in Burlington County, New Jersey.

JLL arranged the full stack capitalization for the development with a joint venture between NFI Real Estate and Penwood Real Estate Investment Management LLC, while securing a construction loan with Fifth Third Bancorp.

The strategic partnership combines NFI's extensive operational expertise as a leading third-party logistics company with Penwood's institutional, yet entrepreneurial, investment management capabilities, creating a powerful platform for value creation in the industrial real estate sector.

“NFI is excited to add such a dynamic, entrepreneurial investor in Penwood as a new partner along with Fifth Third as a new lender for this great project,” said Michael Landsburg, Chief Investment Officer.  “We are thankful to the JLL team for facilitating the entire capital stack for us and know that these buildings will be well received in the market given their size, design and immediate access to the NJ Turnpike and I-295.”

The planned logistics park, which is well underway, consists of two speculative warehouse distribution buildings encompassing 310,000 square feet in Burlington Township, and 218,478 square feet in Westampton. Both single-side load facilities will feature 36-foot clear heights, abundant loading positions, extensive trailer parking, heavy power and highly functional building and site configurations designed to meet modern logistics requirements.

“We are proud to launch our partnership with NFI Real Estate with this premier logistics project,” stated Andrew MacDonald, Penwood’s Senior Vice President of Acquisitions. “The JLL team’s unparalleled market insight was instrumental in bringing this together. With construction slated for a Q2 2026 completion, we look forward to delivering these high-demand assets to the market.”

The properties each provide signalized ingress and egress directly onto Irick Rd., offering immediate access to Exit 5 of the New Jersey Turnpike. This strategic positioning places the development within a one-hour drive of New York City, Philadelphia, Newark Liberty International Airport and the Port of Newark, serving a two-hour drive time market encompassing more than 27 million residents.

The development is scheduled for completion by late spring of 2026.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500^® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 113,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com. 

NFI is a fully integrated North American supply chain solutions provider headquartered in Camden, New Jersey. Privately held by the Brown family since 1932, the company generates more than $3.6 billion in annual revenue and employs over 18,000 associates. NFI owns and operates over 73 million square feet of warehouse space alongside a fleet of 5,000 tractors and 14,000 trailers. NFI’s relentless innovation and unparalleled service deliver logistics solutions that transform the way business gets done. The company’s business lines include dedicated transportation, warehousing and distribution, eCommerce fulfillment, brokerage, transportation management, port drayage, intermodal, global logistics, and industrial real estate. Through NFI Ventures, the company also invests in early-stage companies driving innovation in the supply chain industry. For more information about NFI, visit www.nfiindustries.com or call 1-877-NFI-3777.

Penwood is an entrepreneurial real estate investment advisory firm dedicated to managing value-added real estate investments for the institutional market. Formed in 2003, the firm is a Registered Investment Adviser headquartered in West Hartford, CT, with an additional office in Morristown, NJ. Penwood combines experienced investment management with the local-market expertise of established strategic relationships and a disciplined management process to optimize value for investors. Penwood’s investment focus remains on value-add investment opportunities in Southern California, Las Vegas, New Jersey, Central/Eastern Pennsylvania, and port-centric New York due to the diverse demand generators, inherent supply constraints, proximity to dominant seaports, and unparalleled transportation infrastructure.

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust. Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock is traded on the NASDAQ® Global Select Market under the symbol "FITB." Investor information and press releases can be viewed at www.53.com.