The purchase price and seller's identity are undisclosed, "because we purchased the deed from an investment group in lieu of foreclosure, and they requested the details not be disclosed," Greg Rogerson, principal and in-house counsel for Petrucci, tells GlobeSt.com.
In July 2002, Petrucci told GlobeSt.com it was targeting approximately $100 million toward acquisitions in the Pennsylvania and New Jersey markets over the next 18 to 24 months. Ever since, it has made considerable investments, particularly in the Bethlehem, Easton, Allentown, PA area.
Earlier this year, Petrucci acquired a 101,250-sf industrial building on Daniels Drive in nearby Allentown, PA and a 46,400-sf industrial property at 2165 City Line Rd. here. "Adding 2000 City Line Rd. to our existing portfolio of over 2.5 million sf is another example of our company's successful strategy to acquire high-end industrial buildings in prime locations," says Tom Shaughnessy, director of business development in Petrucci's office here. "We will continue to pursue opportunities ... in the Lehigh Valley area," he adds.
The 2000 City Line Rd. building has 18- to 30-ft clear ceiling heights with a crane-way the full length of the structure. It also offers easy access to Rtes. 22, 33, I-78 and the North/East extension of the Pennsylvania Turnpike.
Petrucci has offices here and in Asbury, NJ.
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