Partnership developing Lehigh Valley industrial spec project
JLL Capital Markets arranged the partnership between J.G. Petrucci Company and Cabot Properties for a speculative industrial facility in Wind Gap, Pennsylvania
MORRISTOWN, N.J., April 29, 2021 – JLL Capital Markets announced today that it has arranged a partnership for the development of a 318,440-square-foot, speculative industrial facility at 600 Male Rd. in the Lehigh Valley community of Wind Gap, Pennsylvania.
Upon completion later in this year, 600 Male Rd. will feature a 36-foot clear height, 39 dock-high loading positions, two drive-in doors, 54 trailer positions, ESFR fire protection, LED lighting and ample employee parking.
600 Male Rd. is just off Route 33 and has easy access to the area’s primary transportation arteries, including Interstates 78 and 476, which are direct routes into major metropolitan areas such as New York City and Philadelphia. Additionally, the Lehigh Valley International Airport and the Bethlehem Intermodal Terminal are both within 22 miles.
In a recent report, JLL Research details that the Eastern and Central Pennsylvania Industrial market has a total vacancy of only 5.1 percent, which comes after a record year of leasing, positive net absorption and rent growth in 2020. Despite 3.4 million square feet of speculative deliveries in the first quarter of 2021, Class A vacancy rates dropped 80 basis points quarter-over-quarter, and direct asking rents have increased to an average of $5.54 per square foot, which increases to $6.34 per square foot within the Lehigh Valley Industrial submarket.
The JLL Capital Markets team representing the sponsor was led by Senior Managing Directors Jon Mikula and John Plower and Vice President Mike Lachs.
“The Lehigh Valley is one of the most highly sought-after industrial markets in the country,” Plower added. “As such, opportunities within the market are becoming more and more limited. We’re eager to see this project through completion and excited to have worked on a deal with two, highly regarded groups in the industrial space.”
This is the third project this year JLL helped capitalize for J.G. Petrucci Company, Inc. and Cabot Properties, Inc. Earlier this year, JLL announced 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, and the development of a 148,960-square-foot, single-tenant speculative industrial facility at 59 Fretz Rd. in the suburban Philadelphia community of Souderton, Pennsylvania. The developers expect those projects to be completed this year as well.
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 $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 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, redevelopment and acquisition of commercial, industrial, educational, multifamily and healthcare properties.
J.G. Petrucci Company, Inc., has delivered more than 700 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.