39 Strykers Road in Phillipsburg — Courtesy: J.G. Petrucci Inc.
By Joshua Burd
A joint venture has sold a newly built, 511,200-square-foot industrial building in Phillipsburg for $110 million, allowing a Boston-based firm to expand its footprint in the state.
According to multiple market reports, J.G. Petrucci Inc. and PGIM Real Estate completed the deal at 39 Strykers Road after recently leasing the property to Alan Ritchey, a national logistics firm. Cabot Properties purchased the facility, which sits on 66 acres less than three miles from Route 22 and Interstate 78, in a deal involving brokers with JLL.
The deal marked the largest investment sale in New Jersey’s industrial market during the first quarter, according to a report by CBRE. The next-largest deal of Q1 was the $62.4 million sale of 584 Route 130 in Trenton to Industrial Logistics Properties Trust, a 347,00-square-foot building that is fully leased to FedEx, which came as part of the company’s purchase of 126 assets from Monmouth Real Estate Investment for $4 billion.
The report noted that J.G. Petrucci completed construction at 39 Strykers Road last July. The firm detailed its plans for the site in fall 2020 after being paired with PGIM, the real estate arm of Prudential Financial, with JLL’s John Plower and Jon Mikula arranging the partnership.
Plans for the speculative industrial facility called for 36-foot clear ceiling heights, LED lighting, wide column spacing, two drive-in doors and ample trailer parking stalls and loading positions. At the time, Petrucci described the project as “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 Valley market along the I-78 corridor,” Peter Polt, executive vice president with J.G. Petrucci, said in a September 2020 announcement. “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.”