Sunday, July 7, 2024

J.G. Petrucci breaks ground on Bucks County warehouse, acquires another in Philadelphia

By Paul Schwedelson – Reporter, Philadelphia Business Journal

J.G. Petrucci Co. has broken ground on a 320,250-square-foot warehouse in Bucks County, another example of the firm’s belief in industrial properties along the East Coast.

Asbury, New Jersey-based J.G. Petrucci, along with Boston private equity firm Cabot Properties, are developing the warehouse distribution center at 4626 Somerton Road in Bensalem, near the intersection of I-276 and Route 1.

J.G. Petrucci Co. also recently acquired an industrial building at 717 Callowhill St. in Philadelphia for $8.6 million, according to property records. The building is leased by Grainger Industrial Supply. J.G. Petrucci plans to own and operate the building as is without redeveloping it, a company spokesperson said.

The property’s location, just north of the Vine Street Expressway and near the Benjamin Franklin Bridge, and Grainger’s tenancy attracted J.G. Petrucci to buy the property.

Similar to the Callowhill property, J.G. Petrucci is anticipating a single tenant leasing the future Bensalem warehouse.

“4626 Somerton Road is strategically positioned for warehouse, distribution and manufacturing users alike,” J.G. Petrucci Project Executive Dominick Baker said in a statement. “The project provides significant utility capacity, a strong labor pool and premier access to major Northeastern cities and beyond.”

Construction financing was arranged by JLL, which is also handling the leasing. J.G. Petrucci declined to share development costs. The project is planned to be completed by the end of 2024. J.G. Petrucci is using its in-house firm Iron Hill Construction Management for the project.

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