Petrucci Targets $100M in Acquisitions

PHILADELPHIA-Bethlehem, PA-based J.G. Petrucci Co. is targeting approximately $100 million toward acquisitions in the Pennsylvania and New Jersey markets. Its chief focus is on projects that can utilize its in-house construction and asset management capabilities.

Property types up for consideration include vacant or leased office and industrial projects, redevelopments, and land. New acquisitions are expected to represent approximately 2.5 million sf of office, industrial and flex space and be purchased within the next 18 to 24 months.

In addition to investment activities, Petrucci is also looking for third-party construction projects, such as its recently completed 91,000-sf office headquarters and manufacturing facility for Flexicon Corp., a global supplier of bulk handling equipment and systems. Flexicon’s new building in Lehigh Valley Industrial Park VI is its US headquarters.

The architect was Somerville, NJ-based Cerminara. Construction of the Bethlehem, PA design/build project was completed in seven months and is the first manufacturing facility built in the sixth LVIP complex since completion of the Pennsylvania Route 33 extension. LVIP business park is a community-owned, non-profit, economic development project consisting of six business parks on 1,500 acres in the Lehigh Valley.

Petrucci would not disclose the cost of the Flexicon project. Land in the sixth LVIP park is priced between $110,000 and $200,000 per acre.