WHITE TWP., N.J. - Orefield-based Jaindl Land Co. has sold 566 acres in western New Jersey where it had planned to build more than 2.5 million square feet of warehouses.
Jaindl announced the sale, which had been months in the making.
Terms of the deal were not immediately disclosed, but New Jersey’s State Agriculture Development Committee (SADC) had agreed to pay Jaindl about $48,000 per acre — or more than $27 million — as part of the negotiations, according to a LehighValleyLive.com report in March.
The land is in White Township off Route 519 and along the Delaware River in Warren County, N.J.
“Our original plan was to develop approximately half of this site with the permitted industrial 'use' and preserve the balance of the property,” owner David Jaindl said in a news release.
“As farmers and developers, we recognize the need for a fair balance between the two. However, the offer by the SADC, and as agreed to by Jaindl Land Company, is consistent with community and statewide land preservation goals.”
“After much discussion, we agreed to sell the 566 acres even though our plan was well-advanced in the development and permitting process."Luke Jaindl, Jaindl Land Co.
SADC said it will assure that the land is used for agricultural purposes in perpetuity. It approached the landowners last year with interest in purchasing the property, Jaindl said.
Jaindl’s development plans were met with stiff community opposition. Jaindl had bought about 585 acres from Talen Energy Supply LLC for about $11 million in 2019, according to LehighValleyLive.
Jaindl is one of the most prominent land development companies in the Lehigh Valley. It owns and farms about 13,000 acres in the Lehigh Valley, 10% of which it says are preserved lands.
“After much discussion, we agreed to sell the 566 acres even though our plan was well-advanced in the development and permitting process,” said Jaindl’s Luke Jaindl.
“We would like to thank our staff and consultants for their efforts. We would also like to thank the New Jersey State Agricultural Development Committee and Susan Payne for their professionalism over this last year.”
