Partnership arranged for industrial development near Philadelphia
JLL Capital Markets arranged the partnership between J.G. Petrucci Company and Cabot Properties for a spec industrial building in Bucks County
MORRISTOWN, N.J., Jan. 6, 2021 – JLL Capital Markets announced today that it has arranged a partnership for the acquisition of a 18.31-acre land site and the development of a 225,000-square-foot light/bulk distribution industrial facility at 85 Ben Fairless Dr. in the Bucks County community of Fairless Hills, Pennsylvania.
With a target completion year of 2021, 85 Ben Fairless Dr. will feature 36-foot clear heights, 45 dock positions, 50 trailer spaces and 172 parking stalls. The building will be constructed in Fairless Hills, which is approximately 26 miles northeast of downtown Philadelphia. Situated along the I-95 Corridor, the location provides direct access to Philadelphia and the New Jersey Turnpike providing unparallel access to the region’s primary transportation arteries.
The JLL Capital Markets team representing the sponsor was led by Senior Managing Directors Jon Mikula and John Plower.
“We are excited to have been a part of this transaction and to have introduced two exceptional JLL clients in what will be a long-term relationship,” Mikula said.
“Bucks County is a very strong, mature industrial market with high barriers to entry and limited development opportunities,” Plower added. “This is a tremendous opportunity, and we’re excited to follow it through to its conclusion.”
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 sales 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 over 92,000 as of September 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 Company, 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 34 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 jgpetrucci.com or call 908.730.6909.
About Cabot Properties, Inc.
Cabot Properties is an international private equity real estate investment firm exclusively focused on industrial properties. Formed in 1986, the firm is a leading investor, developer and operator of industrial properties throughout North America, the United Kingdom, Europe and Australia. Cabot has invested over $10 billion in industrial real estate, managed nearly 3,900 tenants, and operated over 1,400 buildings totaling approximately 190 million square feet. Cabot is headquartered in Boston with affiliated offices in London, Sydney, Dallas and Chicago.