Financing Secured for NJ Industrial Development
J.G. Petrucci Co. Inc. and an institutional real estate investor plan to develop a 511,200-square-foot warehouse in Phillipsburg, NJ.
PHILLIPSBURG, NJ – Developer, J.G. Petrucci Co. Inc. and an institutional real estate investor have secured joint-venture equity and construction financing for the development of a 511,200-square-foot, class A industrial building in Phillipsburg, NJ.
The building, Phillipsburg Logistics Center at 78, will be constructed on 66 acres at 39-41 Stykers Rd. within the Lehigh Valley Industrial submarket.
The project will feature 36-foot clear heights, 86 loading positions, two drive-in doors, 109 trailer parking stalls, wide column spacing and an ESFR sprinkler system. The property will be constructed to new generation building specifications.
The project’s expected completion date is in the summer of 2021.
JLL worked on behalf of J.G. Petrucci Co. Inc. to arrange the joint-venture partnership. JLL additionally worked on behalf of the partnership to arrange the three-year construction loan with Provident Bank.
JLL capital markets’ senior managing directors, Jon Mikula and John Plower led the team in representing the developer.
JLL has additionally been retained as the leasing agent for the project. JLL EVP, Jeff Lockard will lead the leasing efforts on behalf of the partnership.
“Given its proximity along I-78 to the ports of New York and New Jersey along with its phenomenal labor force, the Phillipsburg pocket of the Lehigh Valley is extremely attractive to developers, capital sources and, most important, industrial users,” Plower says. “This was a great investment for our client, and we’re excited to see it through to completion.”
“We are excited and proud to be a part of this new J.G. Petrucci project, which demonstrates the significant demand for state-of-the-art warehouse/distribution facilities in our region,” Mikula states.