Petrucci bought the building from Somerville Urban Renewal Associates, a local group. The seller was represented in the transaction by Gerald C. Pascale of Pascale Commercial Properties. The terms of the sale, including the price, were not disclosed by the parties involved.
"Acquiring this asset is in keeping with our current strategy of acquiring well-located assets that offer upside potential," according to Robert C. Kossar, who heads acquisitions and leasing for the Asbury, NJ-based Petrucci organization. "We feel that our targeted investment criteria have resulted in another important acquisition for our firm. We will continue to aggressively acquire office and industrial properties throughout the New Jersey/Pennsylvania marketplace."
Built in 1986, Post Office Plaza is located near the intersection of Routes 22, 202, 206 and I-287. The asset, which currently has some 3,500 sf of space available, has a tenant roster that includes Lowenstein Sandler, H&R Block, New England Financial and Embryon Inc. The available space is located on the first floor of the building.
J.G. Petrucci is a privately-held commercial real estate company that buys, develops and redevelops office and industrial properties, and is also active in the build-to-suit and design/build markets. Besides its headquarters in Asbury, it also has a regional office in Bethlehem, PA in the Lehigh Valley. The firm owns and manages a portfolio of two million sf of office and industrial space and has done more than five million sf of design/build projects for companies like Federal Express, Allied worldwide, Cryovac/Sealed air and Mida Muffler.
"We are looking to acquire about 2.5 million sf of office and industrial space over the next 18 to 24 months," according to Kossar.
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