Joint Venture to Break Ground on 511,200 SF Industrial Project in Phillipsburg, New Jersey
PHILLIPSBURG, N.J. — A joint venture between J.G. Petrucci Co. and PGIM Real Estate is set to break ground on a 511,200-square-foot industrial building in Phillipsburg, located just across the Delaware River from Allentown, Pennsylvania.
The project — to be named the Phillipsburg Logistics Center at 78 — will be located on a 66-acre site less than three miles from Route 22 and Interstate 78, providing access to many of the Northeast’s major metropolitan areas. The property is less than 70 miles from both Philadelphia and New York City.
“The site provides excellent connectivity between the Northern and Central New Jersey industrial markets and to the Lehigh Valley Market along the I-78 corridor,” says Peter Polt, executive vice president at J.G. Petrucci.
The speculative industrial facility will feature 36-foot clear heights, LED Lighting, wide column spacing, two drive-in doors, and “ample” trailer parking stalls and loading positions, according to the developers.
Jon Mikula and John Plower of JLL represented J.G. Petrucci Co. in the arrangement of the joint venture partnership. Jeff Lockard, also of JLL, will lead lease-up efforts at the site upon its completion, which is scheduled for summer 2021.
J.G. Petrucci Co. is a privately held development firm specializing in design/build construction. The company has over 33 years of experience in the design, development, re-development and acquisition of commercial, industrial, educational, multifamily and healthcare properties.
PGIM Real Estate is a business of PGIM, the $1.3 trillion asset management arm of Prudential Financial Inc. (NYSE: PRU). The company’s stock closed at $6.32 per share on Thursday, Sept. 3, down from $8.29 one year ago.
— Katie Sloan