JV Completes Sale of PA Industrial Facility
- Feb 19, 2019
A joint venture between J.G. Petrucci Co. Inc. and The Davis Cos. has sold Wind Gap Logistics Center, a Class A warehouse and distribution facility in Wind Gap, Pa. CBRE Capital Markets’ Institutional Properties team of Brad Ruppel, Michael Hines, Brian Fiumara and Lauren Dawicki represented the sellers. Sean Bleiler and Bill Wolf also assisted with the sale.
Situated at 1380 Jacobsburg Road, the 349,012-square-foot property was completed in 2018. Once construction finished, Teva Pharmaceuticals signed a long-term lease to occupy 54 percent of the property. In that deal, Bleiler and Wolf once again represented J.G. Petrucci and The Davis Cos. JLL’s Brian Rothschild, Larry Maister and Jeff Lockard represented Teva Pharmaceutical.
The asset was designed and built by J.G. Petrucci and features 36-foot clear heights, a 60-foot deep loading bay, a 9,400-square-foot per door loading ratio, 54- by 54-foot columns and ESFR sprinklers. The facility is within close proximity to the Lehigh Valley distribution market, PA Route 33 and interstates 78 and 80.
“Wind Gap Logistics Center represents the idyllic formula for success throughout the critical logistics corridor in Eastern Pennsylvania,” said Mike Hines, vice chairman, CBRE, in a prepared statement. “Premium specifications, flexible design, institutional development management and immediate highway interchange access combined to fully capitalize on the Lehigh Valley’s evolving symbiotic relationship with the New York Metropolitan region and its ports.”
Back in July, Hines, Fiumara, Ruppel and Dawicki represented a REIT managed by U.S. Realty Advisors LLC, in its $39.7 million disposition of Anderson-DuBose Distribution Center, located outside of Warren, Ohio.
Image courtesy of CBRE