The seller of the property was the J.G. Petrucci Co., based in Asbury (Hunterdon County), NJ. J.G. Petrucci had earlier acquired the industrial building from Fisher Scientific Corp., which still retains a 15,000-sf regional sales office there. The fully leased building is also currently home to Graphic Design Technologies (dba Ariston), which occupies 128,000 sf, and Retail Logistics, which has a total of 63,000 sf.
Originally constructed in 1967, the asset had a major expansion completed in 1980. The buildings have clear ceiling heights ranging from 21 to 30 feet, according to Dave Williams, acquisitions manager for the Bristol Group. The property is located in Central New Jersey's I-78 corridor.
With the buy, Bristol, an investment and development firm, has added New Jersey to a short list of target markets. That list includes Miami, Chicago and Southern California.
"We currently have $400 million to invest in industrial projects in our target markets over the next three years," according to Williams. "There is no specific allocation of that $400 million within our target markets, however."
For its part, J.G. Petrucci, founded in 1983, is an industrial and commercial design/build construction and turnkey project development. The company currently owns and manages a portfolio of more than 1.5 million sf.
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