ALLENTOWN, PA-Bethlehem, PA-based JG Petrucci Co. acquires the 44,600-sf industrial building at 7066 Snowdrift Rd. in the Iron Run Industrial Park here. The purchase price, plus JGPCO’s planned retrofit of the building’s interior and exterior, total $3 million.

The seller and previous occupant is locally based Air Products, a global supplier of specialty gasses and related materials and chemicals to the technology, energy, healthcare and industrial markets. It operates in 30 countries and has annual revenues of $6.3 billion. Jon Gelman of Bethlehem, PA-based Gelcor brokered the transaction with Tom Shaughnessy, JGPCO’s director of development.

“The building is suited for office and high-quality warehouse/manufacturing space and includes three dock doors and ample parking,” Shaughnessy says. It is available for immediate lease. Although Shaughnessy did not divulge the asking rental rate, the average asking rate for pure industrial space in the Lehigh Valley is $3.74 per sf, according to data from the Philadelphia office of Trammell Crow Co.

JGPCO has a significant presence in the Lehigh Valley within an investment portfolio of 2.5 million sf of industrial and office space. Among its current development projects is Garguilo Produce, a 148,850-sf design/build refrigerated warehouse in Hillside, NJ. Other design/build clients include Presco Foods, Midas Muffler and Federal Express. In addition to its office here, JGPCO has an office in Asbury, NJ.

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