Friday, April 30, 2021

J.G. Petrucci, Cabot Partner on Lehigh Valley Industrial Project in PA

 By Linda Moss CoStar News

New Jersey-based developer J.G. Petrucci Co. and Boston private equity firm Cabot Properties are partnering on an industrial project planned for the Lehigh Valley in Pennsylvania.

The firms are developing a 318,440-square-foot facility at 600 Male Road in Wind Gap. 

The logistics facility, slated to be completed later this year, will feature 36-foot clear heights, 39 dock-high loading positions, two drive-in doors, 54 trailer positions, LED lighting and employee parking.

In a recent report found that the eastern and central Pennsylvania industrial market has a total vacancy rate of only 5%, which comes after a record year of leasing, positive net absorption and rent growth in 2020. Despite 3.4 million square feet of speculative properties, those without any tenants signed up, being completed in the first quarter, direct-asking rents have increased.

The other two J.G. Petrucci and Cabot projects, both in Pennsylvania, are the development of a 225,000-square-foot distribution facility at 85 Ben Fairless Drive in the Bucks County community of Fairless Hills and a 148,960-square-foot, single-tenant industrial facility at 59 Fretz Road in the suburban Philadelphia community of Souderton.

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