New industrial project coming to the I-78 Corridor
JLL arranged financing and has been retained as the leasing agent for the project in Phillipsburg, N.J.
MORRISTOWN, N.J., September 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. 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.
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.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About J.G. Petrucci Co, Inc.
With offices in Asbury, New Jersey and Bethlehem, Pennsylvania, J.G. Petrucci is a privately held development firm specializing in design/build construction. The company has over 33 years of experience in the design, development, re-development, and acquisition of commercial, industrial, educational, multifamily and healthcare properties.
J.G. Petrucci Company, Inc., has delivered more than 650 design/build projects for local, regional, and national leaders in a variety of industries. In addition, the firm owns and operates over 4.5 million square feet of commercial, industrial, and retail properties, 2,000 luxury apartment homes, and has extensive land holdings to offer its clients throughout New Jersey and Pennsylvania.
For more information on J.G. Petrucci Company, Inc., visit www.jgpetrucci.com or call 908.730.6909.