Page 8 - Issue 46 Oct2020
P. 8

6 OCTOBER 2020
Valley market along the I-78 corridor.
“Our team sees this joint venture
as a perfect opportunity to develop a facility that will be ideal for businesses looking for ample square footage and easy access to several major highways.”
The JLL capital markets team of Jon Mikula and John
Plower, both
senior managing
J.G. Petrucci in
arranging the
Jeff Lockard,
an executive
vice president in the firm’s Berwyn, Pennsylvania office, will serve as the
project’s leasing agent.
“We are excited and proud to be
a part of this new J.G. Petrucci project, which demonstrates the significant demand for state-of-the-art warehouse/distribution facilities in our region,” Mikula said.
In a separate announcement,
JLL noted that Provident Bank is providing the three-year construction loan.
“Given its proximity along I-78 to the Ports of New York and New Jersey along with its phenomenal labor force, the Phillipsburg pocket of the Lehigh Valley is extremely attractive to developers, capital sources
and, most important, industrial users,” Plower said. “This was a great investment for our client, and we’re excited to see it through to completion.”
The law firm of Murphy Schiller & Wilkes LLP advised J.G. Petrucci in connection with the joint venture agreement.
Plans for the speculative industrial facility call for 36-foot clear ceiling heights, LED lighting, wide column spacing, two drive-in doors and ample trailer parking stalls and loading positions.
Fujitsu America, which Rockefeller has since sold to institutional investors.
The park is also home to SHI International Corp. and KISS Products, which both purchased their facilities directly from the developer.
“There is strong demand among users within the I-287 corridor where quality industrial space throughout the market is difficult to find,” Abramsohn said. “The location of the project and this size plus a strong labor market within the region makes the site particularly attractive to users.”
More than 500,000 square feet of new industrial space is coming
to Phillipsburg, under a newly announced project by J.G. Petrucci Co. Inc. and PGIM Real Estate.
The joint venture on Sept. 3 detailed plans to develop the Phillipsburg Logistics Center at 78, a 511,200-square-foot building less than three miles from Route 22 and Interstate 78. Sitting on roughly 66 acres, the property at 39-41 Strykers Road is slated to be available for lease next summer.
“We are excited to embark on
Phillipsburg Logistics Center at 78 with our partners,” said Peter Polt,
  Peter Polt
vice president with J.G. Petrucci. “This is a great infill development opportunity that will continue the Phillipsburg industrial
market’s great story. The site provides excellent connectivity between the northern and central New Jersey industrial markets to the Lehigh
Jon Mikula
 A rendering of 39-41 Strykers Road in Phillipsburg, a planned 511,200-squre-foot development by J.G. Petrucci Co. Inc. and PGIM Real Estate
Equities Group and Real Capital Solutions. The deal came two years after Rockefeller purchased the neighboring Piscataway site, a former Union Carbide Corp. manufacturing complex, also from Lincoln Equities and Real Capital.
The developer now expects to
draw interest from the logistics
and e-commerce sectors, private users and general warehouse and distribution companies, as it did within two years of developing the five-building Piscataway campus. The complex today includes buildings that are leased to the likes of Best Buy, Kuehne + Nagel, Humanscale and
Rockefeller Group has started construction on a new 400,000-square- foot distribution center, as it expands upon its recently built, 2.1 million- square-foot logistics campus in Piscataway.
The developer said the project, located at 65 Baekeland Ave. in Middlesex Borough, will bring additional supply to the growing Interstate 287 corridor after the success of what’s known as the Rockefeller Group Logistics Center. The newest site comprises 30 acres off River Road and is adjacent to the existing 228-acre industrial park, with completion slated for spring 2021.
“We are thrilled to identify additional industrial
and regional director for Rockefeller Group. “Following the strong demand for all 2.1 million square feet we developed nearby, this property is the perfect complement to our previous project in a market that is highly valued for its proximity to one of the nation’s largest population centers.”
The firm, whose New Jersey team is based in Morristown, acquired the Middlesex parcel last year from a joint venture of Lincoln
  Heath Abramsohn
development opportunities west of I-95 along the I-287 corridor,”
said Heath Abramsohn, vice president
A rendering of a new 400,000-square-foot distribution center at 65 Baekeland Ave. in Middlesex Borough
Courtesy: Rockefeller Group
Courtesy: J.G. Petrucci

   6   7   8   9   10