Mapletree Pays $100M for 97-Acre Future Logistics Site in Central Jersey

Mapletree Investments has purchased a 96.8-acre development site in Manalapan, N.J., with plans to transform it into a logistics facility. 

The Singapore-based investment and development firm spent approximately $100 million on the acquisition, a source close to the deal told Commercial Observer. The identity of the seller, represented by JLL‘s Paul Torosian and Larry Maister, was unclear.

The site, at 370 Smithburg Road, will eventually host a 952,720‑square‑foot logistics facility, according to a Monday announcement from Mapletree. Two warehouse buildings spanning a collective 952,720 square feet and rising more than 40 feet will make up the facility. The property will also accommodate 366 car parking spaces, 141 trailer spaces and 172 dock doors. 

The sprawling location is 15 minutes east of the New Jersey Turnpike, with easy proximity to major air cargo hubs and national seaports. Mapletree expects to complete construction of the logistics facility in the first quarter of 2028. 

“Central New Jersey continues to be an important logistics market,” Chiagorom Osu, Mapletree’s head of U.S. logistics development, said in a statement. “And this project builds on Mapletree’s growing development presence in the state as we continue to invest in high-conviction opportunities across the country.”

Mapletree currently owns and manages roughly 1.5 million square feet of industrial assets across New Jersey and Pennsylvania –– one small slice of its more than 66 million-square-foot U.S. logistics footprint.

The firm has been especially active in the industrial sector over the past 12 months. In addition to breaking ground on several large warehouses last fall, the company has undertaken a wave of logistics asset sales. The massive offloads began in June 2025, and now total more than $1.3 billion in sales. Recent deals include a 4.4 million-square-foot East Coast Portfolio, sold in March to EQT Real Estate for $575 million, and a 1.4 million-square-foot U.S. portfolio, sold in April to Dalfen Industrial for $207.5 million.

“Following recent industrial divestments, we’re proud to reinvest in strategic development opportunities like 370 Smithburg Road that expand our national pipeline and reinforce our commitment to the U.S. logistics sector,” Richard Prokup, Mapletree’s U.S. CEO, said in a statement.

A JLL spokesperson did not immediately respond to a request for comment.

Emily Davis can be reached at edavis@commercialobserver.com.