Baltimore-based development company plans to deliver mixed-use community comprising 225,000 square feet of flex/R&D and approximately 450 homes  

BALTIMORE, MD (January 22, 2025) – St. John Properties, Inc., a national commercial real estate development and management company with a 25 million square foot portfolio, has entered its 13th state with the acquisition of a 75-acre site off Bunker Hill Road in Middletown, Delaware. The Baltimore-based company, with 16 regional offices throughout the country, will develop Middletown Exchange, a mixed-used community comprising 225,000 square feet of flex/R&D and retail space, along with 450 homes.

Groundbreaking for Phase I is expected to occur this spring and will include the speculative development of two flex/R&D buildings totaling 96,000 square feet, with delivery expected early next year. Three additional flex/office buildings are planned for future development based on leasing momentum.

“Middletown Exchange seamlessly integrates into our town’s landscape of designed growth for new startups, expanding businesses, and new homeowners, and we have full confidence in St. John Properties’ ability to execute its innovative development plan,” stated Middletown Mayor Kenneth L. Branner, Jr. “From the start, St. John Properties has been completely transparent and willing to work with the town and our community to assure they meet the needs of local stakeholders and our comprehensive plan goals. We look forward to the value that Middletown Exchange will bring to Middletown.” 

St. John Properties’ Alex Lyons, Assistant Vice President, Acquisitions and Sean Doordan, Senior Executive Vice President, Acquisitions and Growth, represented the company in this land purchase. St. John Properties is currently searching for a development partner to purchase the residential land parcels and build the approved 450 homes.

Middletown Exchange is adjacent to US Route 301, less than 30 miles from Wilmington, and 50 miles from Philadelphia. Upon completion, the commercial component of the project is expected to support more than 600 jobs.

“This strategically located site is an ideal fit for our signature flex/R&D buildings – designed to meet the needs of a wide range of end users,” stated Doordan. “St. John Properties was attracted to Middletown based on the area’s sustained population growth, convenient access to major cities, and business-friendly environment. This milestone reflects a true team effort across our internal development, contracts, finance, leasing, and construction teams, working in close partnership with Middletown officials.”

The company’s signature flex/R&D buildings are single-story “part office/part warehouse” buildings separated into suites which can be built to suit based on each tenant’s requirements. The prototype building is a LEED designed brick building and includes 18-foot clear heights, rear dock and drive-in loading doors, elevated landscaping, and ample parking to support office, retail or light industrial users. The product serves a broad array of businesses including professional services companies, traditional office uses, government contractors, retailers, daycares/schools, light manufacturing and warehouse/logistics users, among others.

“As a vertically integrated, long-term owner, St. John Properties is focused on building relationships and investing in this community for the long haul,” added Doordan. “Middletown Exchange represents an important step in establishing our presence in northern Delaware and we’re actively pursuing new acquisition opportunities throughout the state to expand our footprint.”

Founded in 1971, St. John Properties, Inc. is one of the nation’s largest and most successful privately held commercial real estate firms. The company is distinguished by its commitment to customer service, achievements in green building, and top-rated workplace culture. Throughout St. John Properties’ 55-year history, the company has developed more than 25 million square feet of flex/R&D, office, retail, warehouse space and has investments in over 3,000 residential units. The company proudly serves more than 2,700 clients in Colorado, Delaware, Florida, Louisiana, Maryland, Nevada, North Carolina, Pennsylvania, Tennessee, Texas, Virginia, Utah, and Wisconsin. For more information about the company, visit www.sjpi.com.