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.
Thursday, April 29, 2021
Mast Labs surgical training center coming to Philadelphia Navy Yard
John George Senior Reporter Philadelphia Business Journal
The Philadelphia Navy Yard is getting another health care tenant later this year when Mast Labs opens an independent surgical training center at the site.
The first Mast Labs was established in Bethesda, Maryland, two years ago by Dr. Scott Faucett and Terence Redmond to serve the Washington, D.C., region.
Jeff O'Donnell Jr., who was recently named president of Malvern-based Waypoint Orthopedics, joined the Mast Labs group as a general partner to bring the organization's first expansion site — with its own limited partnership of local surgeon investors — to Philadelphia.
"I've wanted to do something like this forever," said O'Donnell, a health care entrepreneur who has spent the past decade in the medical device industry working for companies such as DePuy Synthes, Intact Vascular and Trice Medical. "There is no independent place companies can use for training. I talked with Scott and Terry and said we need to do this in Philadelphia. … This is a growing med-tech hub. There is a market here for something like this."
O'Donnell said while large medical companies typically have cadaver labs at their headquarters where they can bring surgeons in for device demonstrations and training, smaller companies are left scrambling to rent space after hours at places such as ambulatory surgery centers or hospitals.
Such arrangements are not ideal, he said, because companies need to get in and out of such sites quickly, limiting their contact time for "relationship building" with the surgeons they hope become customers.
O'Donnell said they have raised just under $1 million to create and fund a 5,000-square-foot Mast Lab at One Crescent Drive in the Navy Yard.
