J.G. Petrucci Breaks Ground On Cigars International Expansion Project

J.G. Petrucci Company Inc. has broke ground on an expansion project for Cigars International's headquarters in Bethlehem, Pennsylvania.

The development and design/build firm is adding 100,000 square feet to the global cigar distributor's 113,500-square-foot facility at 1911 Spillman Drive in Lehigh Valley Industrial Park VII, which J.G. Petrucci developed. The facility is located on land formerly occupied by Bethlehem Steel Corp.

The additional space will serve as additional warehouse and humidor space for Cigars International. The expansion's interior fit-out will also include advanced material handling equipment and smart warehouse features, according to J.G. Petrucci.

The expansion project will be constructed by J.G. Petrucci's in-house construction group, Iron Hill Construction Management. Construction on the expansion project is set to be completed later this year.

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TA Realty Picks Up Berks County Distribution Facility for $22.3 Million

 By Tyrone Leake CoStar Research

TA Realty has purchased a recently built distribution facility in Berks County, Pennsylvania, for $22.3 million.

The Boston-based real estate investment manager acquired the 149,632-square-foot building from a joint venture between The Keith Corp. and Kiel Group. The deal works out to about $149 per square foot.

Built in 2020, the distribution facility is located about 2 miles south of Interstate 78 and along Route 61 at 336 Logistics Drive in Shoemakersville. The building is situated on about 14 acres within Hamburg Commerce Park, a master-planned industrial development.

The facility is fully leased by S Walter Packaging and LTL Home Products. The building's features include a 32-foot clear height, LED Lighting, 24 overhead doors that are expandable to 33, two drive-in doors, ESFR sprinklers and ample parking.

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Indus Realty Trust Buys Fully Leased Allentown Industrial Building

 By Rachel Whaley CoStar Research

Indus Realty Trust has purchased a fully leased industrial facility in Allentown, Pennsylvania, for $11.7 million.

The New York-based real estate investment trust acquired the single-tenant building from Jamble Enterprises, according to CoStar data. Indus used cash on hand to pay for the facility, the firm said in a statement announcing the deal.

Built in 1982, the facility is located at 6355 Farm Bureau Road within the Iron Run Corporate Center. The logistics building totals 127,500 square feet and is leased to LyondellBasell Industries.

"We believe this acquisition provides the opportunity to create significant value over time as the current in-place rent is below market and the excess land on the site provides options for potential future improvements.," Michael Gamzon, president and CEO of Indus, said in a statement. "The building complements our existing 1.3 million square foot Lehigh Valley portfolio and is located in the same corporate park as our Ambassador Drive building."

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Cooper Health Buys Former Sears in Moorestown Mall for Outpatient Facility

 By Linda Moss CoStar News

A healthcare chain has acquired the former Sears anchor store at a New Jersey mall where it plans to open an outpatient facility.

Cooper University Health Care purchased the 165,000-square-foot vacant department store at the Moorestown Mall in Moorestown, New Jersey, from Pennsylvania Real Estate Investment Trust, according to the broker on the sale, Markeim Chalmers of Cherry Hill, New Jersey.

Terms of the transaction between Cooper and PREIT, which is based in Philadelphia, weren't disclosed.

In March, PREIT Chairman and CEO Joe Coradino announced his company and Cooper had executed a transaction for the outpatient location at the Moorestown Sears during a fourth-quarter earnings report. At the time, Coradino didn’t specify if Cooper was leasing the vacant Sears, which closed roughly a year ago, or buying it.

Cooper will transform the Sears space, which was home to the department store for decades, "into a state-of-the-art specialty care facility with an anticipated opening date in 2023."

"The landmark Moorestown Mall location has frontage on Route 38, ample parking and convenience to all major roadways," the brokerage said. "This project fits within PREIT’s business plans to expand and reposition its mall locations beyond retail. With the addition of the Cooper project alongside hospitality and housing development, this location will flourish and draw even greater regional use."

Back in March, Cooper said is was adding medical office space to meet the demand for its specialists at convenient locations near where consumers live.

Early this year PREIT, which emerged from Chapter 11 proceedings in December, said it was redeveloping Moorestown Mall and planned to add about 1,000 apartment units as well as a hotel to its Garden State retail property.

Like landlords across the country, the real estate investment trust is looking to create foot traffic and fill vacancies at its malls by adding nontraditional tenants, including healthcare and medical offices and facilities.

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