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FRANKLIN TWP., NJ-The JG Petrucci Co., based in Asbury, NJ, closed on the acquisition of a 17-acre site in this Somerset County community, and promptly announced its plans to develop the tract. As far as the sale transaction, it was arranged by Jeff Garibaldi and Mike McDonough of the Garibaldi Group of Chatham, NJ. The BOC Group Inc., a gas company, was the seller. The terms of the transaction, including the sale price, were not disclosed.

As far as what the Petrucci organization will do with it, plans call for a total investment of $15 million, including the cost of the site acquisition, to turn it into Franklin Commerce Center, a complex of 220,000 sf of industrial space in a series of 32-foot clear industrial buildings. The new project is located near I-287, I-78 and Route 22 in Central New Jersey.

“We always focus on acquiring value-added properties,” says company president Jim Petrucci. “This is as prime site in as prime location, and we’re thrilled to have the Franklin Commerce Center land in our investment portfolio.” No further details of the project have been released.

The Franklin deal follows quickly on the heels of a 7.6-acre land buy engineered by Petrucci in Lyndhurst, NJ, not far from the Lincoln Tunnel and New Jersey Turnpike in North Jersey. In the case of the Lyndhurst site, Petrucci has already announced plans to develop a 100,000-sf industrial building.

Petrucci is also in the process of wrapping up a 149,000-sf, state-of-the-art refrigerated warehouse facility for Gargiulo Produce in Hillside, NJ. The project joins a list for design/build projects the company has done for such companies as Presco Foods, Midas Muffler, Federal Express and Assa Abloy. Petrucci also currently holds an investment portfolio of 2.5 million sf of office and industrial space.

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