Petrucci was represented in the transaction by Jeffrey Garibaldi, president, and Matthew Kirby, SVP of the Chatham-based Garibaldi Group/Corfac International. Morgan Stanley was represented by Dan Frankel, formerly SVP in the local office of Colliers Houston & Co., who has since moved on to Cushman & Wakefield of NJ.
And the empty site is already cleared for a 325,000-sf data operations support facility, which is the use the new owner has in mind for the property. Petrucci bought the tract several years ago from the BOC Group Inc., an industrial gas company, for an undisclosed price.
"We purchased this land in 2004 with the intent of developing it as an industrial facility," Greg Rogerson, principal of the Asbury-based J.G. Petrucci Co., tells GlobeSt.com. "Subsequent due diligence discovered a redundant and reliable power source available, making it suitable for an operations support facility. Franklin Township's proximity to Manhattan and the abundance of fiber infrastructure enhanced the property's appeal."
When it acquired the site, J.P. Petrucci specifically announced plans to develop what was to be called Franklin Commerce Center, a series of 32-foot clear industrial buildings adding up to 220,000 sf of floor space. Total investment in that initial plan was to have been $15 million.
"This land sale is a true win-win scenario for both the buyer and the seller," says Garibaldi, whose firm also brokered the 2004 deal. "The land has full approvals and permits for developing a 325,000-sf facility. Franklin Township continues to distinguish itself as a destination for New York City-based companies for their support facilities."
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