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HILLSIDE, NJ-The J.G. Petrucci Co., a privately held commercial real estate company based in Asbury, NJ in the I-78 corridor, has acquired the 197,000-sf warehouse/distribution center located at 1441 Chestnut Ave. here. The asset is located in the Newark Airport/Port Newark industrial submarket, situated about three miles from Newark International Airport. The seller of the property was Viacom; the terms of the sale, including the sale price, were not disclosed.

“This acquisition meets our investment criteria and represents an excellent opportunity to acquire an airport/port related distribution facility with upside potential,” according to Robert C. Kossar, who heads acquisitions and leasing for Petrucci. “Our strategy is to aggressively acquire value-added office and industrial properties in the New Jersey/Pennsylvania marketplace. We are presently focused on acquiring and/or developing approximately 2.5 million sf of office and industrial space over the next 18-24 months.”

Originally built back in 1960, the facility is currently fully occupied by Survivor Technologies Inc., a window distribution company. Situated on a 19-acre site, it includes 15,000 sf of office/mezzanine space and 30-foot clear ceiling heights. Kossar describes it as “one of only a few properties within a four-mile radius of Newark Airport that offers 30-foot clear ceiling heights and a six-acre trailer parking field.”

Located near both the New Jersey Turnpike and Garden State Parkway, 1441 Chestnut Ave. is also situated within one of New Jersey’s urban enterprise zones, providing a number of state and local financial incentives to end-users.

The 15-year-old Petrucci organization, which owns and manages two million sf of space, focuses on the acquisition, development, redevelopment, build-to-suit and design/build markets. The company has also completed more than five million sf of construction projects for such clients as FedEx, Allied Worldwide, Cryovac/Sealed Air and Midas Muffler.

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