J.G Petrucci & Co. and The Davis Companies Sell Class A Industrial Facility
CBRE recently announced the sale of Wind Gap Logistics Center—a 349,012 sq. ft. Class A warehouse/distribution facility located at 1380 Jacobsburg Road in Wind Gap, Northampton County, Pennsylvania.
Brad Ruppel, Michael Hines, Brian Fiumara, and Lauren Dawicki of CBRE Capital Markets’ Institutional Properties team and CBRE National Partners represented the sellers, J.G. Petrucci & Co. and The Davis Companies, during negotiations. CBRE’s Sean Bleiler and Bill Wolf, both based in CBRE’s Allentown, Pennsylvania office, assisted with the sale.
Wind Gap Logistics Center, a joint venture between J.G. Petrucci Co., Inc. and The Davis Companies, was completed in 2018. Designed and built by J.G. Petrucci, the precast construction features: 36’ clear height with 54’ X 54’ columns; 60’ deep loading bay; ESFR sprinkler system; and 9,400 sq. ft. per door loading ratio.
With the increased focus on the supply chain and need to efficiently move goods into major northeast metro areas, the joint venture believed the project provided a unique opportunity. The site’s location has a significant competitive advantage within the established Lehigh Valley distribution market, due to its immediate adjacency to PA Route 33 and equidistant access to both I-78 and I-80, the two main highways to the ports of New York/New Jersey and MSAs of New York and Philadelphia.This strategic location allows tenants to avoid reliance exclusively on I-78.
“Wind Gap Logistics Center represents the idyllic formula for success throughout the critical logistics corridor in Eastern Pennsylvania,” said Mike Hines, Vice Chairman, CBRE. “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.”
Shortly after construction completion, Teva Pharmaceuticals entered into a long-term lease for 54 percent of the building, demonstrating the strong demand for this state-of-the-art, well located Class A distribution facility.
Teva Pharmaceutical Industries Ltd. is a global leader in generic medicines, with innovative treatments in select areas, including CNS, pain, and respiratory illnesses. CBRE’s Sean Bleiler and Bill Wolf represented The Davis Companies and J.G. Petrucci in the transaction. Brian
Rothschild, Larry Maister and Jeff Lockard of Jones Lang LaSalle represented Teva Pharmaceutical Industries Ltd.
Wind Gap Logistics Center was designed by Cerminara Architect and constructed by J.G. Petrucci’s in-house construction firm—Iron Hill Construction Management Company.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About J.G. Petrucci Co., Inc.
J.G. Petrucci is a privately held development and design/build construction firm with offices in Pennsylvania and New Jersey. Founded in 1987, the firm has completed over 600 design/build projects for a diverse group of local, regional, and national corporations. The company’s design/build portfolio includes commercial, industrial, healthcare, mixed-use, residential, urban revitalization, and brownfield redevelopment projects.
The firm currently owns and manages over 4 million square feet of commercial and industrial properties, 2,000 luxury apartment homes, and has extensive land holdings to offer their clients throughout New Jersey and Pennsylvania.
For more information, to submit a site, or to discuss your next project please visit www.jgpetrucci.com or call 908.730.6909
About The Davis Companies
The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $4 billion in gross asset value through real estate equity, debt and fixed-income securities. A combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet of office, multifamily, retail, hospitality, light industrial, healthcare and life science properties across the Eastern United States. For further information, visit www.thedaviscompanies.com.
