Lehigh Valley Warehouse Project Lands $35M
- Sep 28, 2020
J.G. Petrucci Co. has secured joint venture equity and construction financing for Phillipsburg Logistics Center at 78, a 511,200-square-foot speculative industrial project in Phillipsburg, N.J. PGIM Real Estate is the company’s partner, according to Warren County records.
Provident Bank originated a three-year, $35 million construction loan for the project. Earlier this month, the developer acquired the 66-acre development site at 39-41 Strykers Road for $4 million from two separate private investors, public records show.
The partnership expects to wrap up site work by the second quarter of 2021. The warehouse will have 36-foot clear heights, an ESFR sprinkler system, two grade-level and 86 dock-high doors, and 109 trailer stalls. The property is a short distance from U.S. Route 22 and roughly 2 miles from Interstate 78. The I-78 corridor is part of the Lehigh Valley Industrial market, one of the top five industrial markets in the country.
JLL Executive President Jeff Lockard will oversee leasing for the upcoming building. The brokerage team which assisted the borrower and arranged the joint venture equity included Senior Managing Directors Jon Mikula and John Plower.
In March, Mikula was part of the team which facilitated a $111 million construction loan for Park 100 Logistics Center, a 1.5 million-square-foot industrial park in Allentown, Pa. The firm represented GLP Capital Partners and Ridgeline Property Group.