JLL Capital Markets said April 29 that it arranged a partnership between J.G. Petrucci Co. and Cabot Properties for a speculative industrial facility in Wind Gap, Pa.
Together the partnership will develop a 318,440-square-foot, speculative industrial facility at 600 Male Road in the Lehigh Valley community. JLL worked on behalf of J.G. Petrucci Co. to arrange the partnership.
Upon completion later in this year, 600 Male Road will feature a 36-foot clear height, 39 dock-high loading positions, two drive-in doors, 54 trailer positions, ESFR fire protection, LED lighting and ample employee parking.
The asset is located just off Route 33 and has easy access to the area’s primary transportation arteries, including Interstates 78 and 476, which are direct routes into major metropolitan areas such as New York City and Philadelphia. The Lehigh Valley International Airport and the Bethlehem Intermodal Terminal are both within 22 miles.
In a recent report, JLL Research found the Eastern and Central Pennsylvania Industrial market has a total vacancy of only 5.1 percent, which comes after a record year of leasing, positive net absorption and rent growth in 2020. Despite 3.4 million square feet of speculative deliveries in the first quarter of 2021, Class A vacancy rates dropped 80 basis points quarter-over-quarter, and direct asking rents have increased to an average of $5.54 per square foot, which increases to $6.34 per square foot within the Lehigh Valley Industrial submarket.
The JLL Capital Markets team representing the sponsor was led by Senior Managing Directors Jon Mikula and John Plower and Vice President Mike Lachs.
“We are so excited to have helped arrange this significant transaction between two long-term clients of ours,” Mikula said.
“The Lehigh Valley is one of the most highly sought-after industrial markets in the country,” Plower added. “As such, opportunities within the market are becoming more and more limited. We’re eager to see this project through completion and excited to have worked on a deal with two, highly regarded groups in the industrial space.”
This is the third project this year JLL helped capitalize for J.G. Petrucci Company and Cabot Properties.