The site is currently occupied by a total of 13 aging and mostly obsolete industrial buildings totaling in excess of 250,000 sf. The complicated transaction and project calls for demolition of all but one of those buildings, which the thermoplastic pump manufacturer will continue to occupy as its headquarters operation, and which the company will lease back from Petrucci. No timeline for the new facility, which will replace the demolished structures, has been released.

The site acquisition and redevelopment project "reflects our strategy of aggressively acquiring value-added office and industrial properties throughout the I-78 corridor," explains Greg Rogerson, a principal of J.G. Petrucci Co. "This project fits our investment criteria and represented an excellent opportunity for us to acquire an airport-/port-related site with redevelopment potential."

The property is located near I-78, not far from both Newark Liberty International Airport and the Port of Newark and Elizabeth, in a market that has continued to see a significant amount of development and investment sales activity in the warehousing and distribution category. Petrucci is positioning its new facility based on that port and airport proximity, according to Rogerson.

"We are confident that our targeted investment program has resulted in another important acquisition for our company in this marketplace," according to Rogerson.

J.G. Petrucci, which is active in the design/build, acquisition, development, redevelopment and build-to-suit markets, owns and manages a portfolio of more than 2.5 million sf of office and industrial properties. The company has completed more than five million sf of projects for such clients as FedEx, Allied Worldwide, Cryovac/Sealed Air and Midas Muffler.

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GlobeSt.com EXCLUSIVE: J.G. Petrucci Slates 150,000-SF Distribution Bldg.

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