Sale-leaseback for flex and lab campus near Philadelphia financed for $13M
JLL Capital Markets arranged the loan for J.G. Petrucci’s acquisition of a five-building campus
MORRISTOWN, N.J., July 7, 2021 – JLL Capital Markets announced today that it has arranged $13 million in financing for the sale-leaseback of a five-building flex and lab campus totaling 113,000 square feet at 4636 Somerton Rd. in the suburban Philadelphia community of Bensalem, Pennsylvania.
JLL worked on behalf of the borrower, J.G. Petrucci Company, Inc., to place the 15-year, fixed-rate loan with First Bank of New Jersey.
4636 Somerton Rd. is the global headquarters for SUEZ – Water Technologies & Solutions, which, upon closing, commenced a lease for a 93,000-square-foot portion of the campus. The remaining 20,000 square feet will be occupied by a new tenant in the fall. Each individual building offers between 10,000 and 43,000 rentable square feet. Completed between 1976 and 1992, labs and other associated research and development facilities were added throughout the 1990s.
The 28-acre campus at 4636 Somerton Rd. is part of a 46-acre, 12 building campus just off Interstate 276 in Bucks County and proximate to Interstates 78 and Interstate 76 (the Pennsylvania Turnpike). One third of the nation’s population resides within a one-day drive, making this a prime logistical location to transport goods and services to the Eastern Seaboard, along with Philadelphia, New York City, Baltimore, Washington, D.C. and Boston.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Directors Jon Mikula and Chad Orcutt and Vice President Michael Lachs.
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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About JLL
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 in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. 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.