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