WIND GAP, PA—Duke Realty Corporation has acquired Wind Gap Logistics Center—a 349,012 square-foot class A warehouse/distribution facility located at 1380 Jacobsburg Road in Wind Gap, PA, from JG Petrucci Company and The Davis Companies for $41.3 million, or $118 per square foot, according to Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions,.
Brad Ruppel, Michael Hines, Brian Fiumara, and Lauren Dawicki of CBRE Capital Markets-foot Institutional Properties team and CBRE National Partners represented the sellers during negotiations. CBRE-foots Sean Bleiler and Bill Wolf, both based in CBRE-foots Allentown, PA, office, assisted with the sale.
Wind Gap Logistics Center, a joint venture between Petrucci and Davis, was completed in 2018. Designed and built by Petrucci, the precast construction features: 36-foot clear height with 54-foot-x-54-foot columns; 60-foot deep loading bay; ESFR sprinkler system; and 9,400 square feet per door loading ratio. Wind Gap Logistics Center was designed by Cerminara Architect and constructed by Petrucci’s in-house construction firm, Iron Hill Construction Management Company.
With the increased focus on the supply chain and need to efficiently move goods into major northeast metro areas, the joint venture believed the project provided a unique opportunity. The location has a significant competitive advantage within the established Lehigh Valley distribution market, because it is close to PA Route 33 and has equidistant access to both I-78 and I-80, the two main highways to the ports of New York/New Jersey and the MSAs of New York and Philadelphia. This strategic location allows tenants to avoid reliance exclusively on I-78.
“Wind Gap Logistics Center represents the idyllic formula for success throughout the critical logistics corridor in Eastern Pennsylvania,” says Mike Hines, vice chairman, CBRE. “Premium specifications, flexible design, institutional development management and immediate highway interchange access combined to fully capitalize on the Lehigh Valley-foots evolving symbiotic relationship with the New York Metropolitan region and its ports.”
Shortly after construction of the property finished, Teva Pharmaceuticals signed a long-term lease for 54% of the building, demonstrating the strong demand for this state-of-the-art, well located class A distribution facility.
CBRE’s Sean Bleiler and Bill Wolf represented The Davis Companies and J.G. Petrucci in the lease. Brian Rothschild, Larry Maister and Jeff Lockard of Jones Lang LaSalle represented Teva.