MORRISTOWN, NJ, Sept. 25, 2020 – JLL Capital Markets announced today that it has arranged joint venture equity and construction financing for the development of Phillipsburg Logistics Center at 78, a 511,200-square-foot, Class A speculative industrial building in Phillipsburg, New Jersey, which is part of the Lehigh Valley Industrial submarket.
JLL worked on behalf of the developer, J.G. Petrucci Co, Inc., to arrange the joint venture partnership with an institutional real estate investor.
 |
| Jon Mikula |
Additionally, working on behalf of the new partnership, JLL placed a three-year construction loan with Provident Bank.
Project completion is anticipated in the summer of 2021. JLL will also be retained as the leasing agent.
The building will be constructed on 66 acres at 39-41 Strykers
Rd., which is part of the Lehigh Valley Industrial market, which is considered
a top five industrial market nationwide for users, developers and institutional
investors.
This location is proximate to the nation’s
largest population centers, primary transportation arteries and major cities
along the Eastern Seaboard.
One-third of the nation’s population can be
reached within a 24-hour drive from the property. The property, which will
feature 36-foot clear heights, 86 loading positions, two drive-in doors, 109
trailer parking stalls, wide column spacing and an ESFR sprinkler system will
be built to new generation building specifications and will be considered a
best in class speculative warehouse.
 |
| John Plower |
The JLL Capital Markets team representing the developer was led by Senior Managing Directors Jon Mikula and John Plower, while Executive Vice President Jeff Lockard will lead the charge on the leasing efforts on behalf of the partnership.
“We are excited and proud to be a part of this new J.G. Petrucci
project, which demonstrates the significant demand for state-of-the-art
warehouse/distribution facilities in our region,” Mikula said.
“Given its proximity along I-78 to the Ports of New York and New
Jersey along with its phenomenal labor force, the Phillipsburg pocket of the
Lehigh Valley is extremely attractive to developers, capital sources and, most
important, industrial users,” Plower added.
“This was a great investment for our client, and
we’re excited to see it through to completion.”
 |
| Jeff Lockard |
For more news, videos and research resources on JLL, please visit our newsroom.
For more information on J.G. Petrucci Company, Inc.,please
visit www.jgpetrucci.com or
call 908.730.6909.
CONTACT:
Kimberly
Steele
Senior Associate, Public Relations
JLL Capital Markets
9 Greenway Plaza, Suite 700
Houston, TX 77046
T +1 713 852 3420
M +1 832 244 9994
No comments:
Post a Comment