(To read more on the industrial market, click here.)

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LEHIGH VALLEY, PA-Philadelphia-based Grosvenor InvestmentManagement US Inc. has teamed up with JG Petrucci Co. to acquire124 acres of unimproved land for $5.9 million, or nearly $47,581per acre. The JV plans to obtain entitlements and invest $6 millionin infrastructure over the next three years before subdividing theland into industrial development parcels for sale.

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The land consists of two parcels known as Brennan Farm, whichwere sold by a local owner. "It's zoned for industrial use, and aportion of it is on a rail spur," says Kathleen Hands, GIM'smanaging director. "There are a lot of companies looking in theLehigh Valley, and we already have strong prospects for the largerlots," she tells GlobeSt.com.

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The prospects include developers and end-users, Hands says,adding, "Most likely it will be developed into distributionfacilities." Serge Fanning, a GIM investment analyst, points outthat there are already nearly 400 distribution centers in theValley.

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Hands declined to provide a range of resale prices. "There willbe a wide range," she says, "depending on size and nearness to therail spur." In addition to land-sales, she points out that JGPetrucci, which has headquarters in Asbury, NJ and nearbyBethlehem, may attract build-to-suit clients.

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