Sale of approved parcel for a distribution building in Pennsylvania’s Lehigh Valley closed by HFF
FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of the 31.3-acre future home of LogistiCenterSM at 33, a proposed 475,800-square-foot, Class A, bulk warehouse and distribution facility located in Forks Township, Pennsylvania.
HFF marketed the site on behalf of the seller, J.G. Petrucci Company, Inc. A joint venture between Dermody Properties and PCCP purchased the site.
Construction will begin on LogistiCenterSM at 33 in October with completion expected in 2016. The building is suitable for one or more tenants and will feature 36’ clear heights, 65 loading doors, 85 dock spaces, 226 car parking spaces and 85 trailer parking spaces. Located at 4200 East Braden Boulevard in Forks Industrial Park, the building will be in the Lehigh Valley, which spans a section of eastern Pennsylvania and northwestern New Jersey. The site is two miles east of Route 33, five miles north of Interstate 78 and 16 miles south of Interstate 80, providing access to Philadelphia, which is 40 miles away, and New York City, which is 70 miles east.
The HFF investment sales team representing the seller was led by senior managing director Jon Mikula and managing director Michael Nachamkin.
“The Lehigh Valley has seen strong activity for both users and third party logistics companies looking to locate local, regional and, sometimes, national distribution centers,” Nachamkin said. “Land is in short supply, and national developers such as Dermody Properties stand to benefit from the development of LogistiCenterSM at 33.”
About J.G. Petrucci Company, Inc.
J.G. Petrucci Company Inc., located in Asbury, New Jersey, and Bethlehem, Pennsylvania, is a privately held development and design/build organization with 28 years of experience in the design, development, redevelopment and acquisition of commercial, industrial, educational, multi-family and healthcare-related properties. J.G. Petrucci Company Inc. also specializes in green building as well as brownfield redevelopment and adaptive reuse projects.
Acting as the single point of contact from inception through move-in, J.G. Petrucci Co., Inc. continuously exceeds client expectations by accepting full responsibility for integrating conceptual design with functional performance thus effectively controlling costs and schedule. Through a combination of well-established relationships, proven development expertise and in house technical capabilities, J.G. Petrucci Co., Inc. sets itself apart from its competition.
As a recognized leader in both the New Jersey and Pennsylvania markets, J.G. Petrucci Co., Inc. is proud to maintain well-established relationships with its client and tenant roster including Merrill Lynch, Weyerhaeuser Co., Federal Express, Follett Corporation, Gargiulo Produce, St. Luke’s University Health Network, Lehigh Valley Health Network, Moravian College, Northampton Community College, Flemington BMW, ICO Polymers, SunOpta Inc., Curtiss-Wright Corporation and Synchronoss Technologies, Inc. For additional information on J.G. Petrucci Company Inc., please visit the company’s website at www.jgpetrucci.com.
About Dermody Properties
Dermody Properties is a privately held, industrial real estate development company. Founded and headquartered in Reno, Nevada, the company has a national development reach, served by its regional offices in Chicago, Northern New Jersey, Phoenix and Seattle. Over its 50-year history, the company has developed and leased more than 45 million square feet of high quality facilities to many Fortune 500 companies and other well-respected firms. To learn more about Dermody Properties visit Dermody.com.
About PCCP, LLC
PCCP, LLC (PCCP) is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $5.5 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $10.5 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.