The land sale transaction was arranged by David Cantor, CEO of the Carlstadt, NJ-based brokerage firm Team Resources Inc. Terms of the deal, including the sale price, were not disclosed. However, the completed building will represent a total investment of more than $11 million, according to Greg Rogerson, a principal of the Asbury, NJ-based JG Petrucci Co.

Located a couple of miles from the Lincoln Tunnel in the Meadowlands submarket, the building-to-be will be a concrete panel structure with 32-ft clear ceiling heights, according to Rogerson. Site work is expected to begin sometime this coming fall, and the developer is planning a spring 2005 groundbreaking. The asset will be a one-tenant build-to-suit project, although the single user has not yet been identified.

"We're excited to begin developing in the Meadowlands," Rogerson says. "Demand for this property is high, and we expect to strike a deal quickly for it."

Petrucci is a relative newcomer to North Jersey's Meadowlands submarket, with much of the company's development activity since it was formed in the late 1980's having been in Central New Jersey and northeastern Pennsylvania. The company recently started a similar industrial project on a 17-acre site it acquired in Franklin Township, Somerset County, NJ.

Overall, Petrucci holds an investment portfolio of some 2.5 million sf of office and industrial space, and has done build-to-suit projects for such companies as Presco Foods, Midas Muffler, Federal Express and Assa Abloy. The company's current activity includes a refrigerated warehouse of just under 150,000 sf for Gargiulo Produce in Hillside, NJ.

Instant Insights /

Petrucci Plans 100,000-SF Industrial Building

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