Cabot, Petrucci JV to Build 320 KSF Philadelphia Warehouse
Principal Asset Management provided the construction financing.
J.G. Petrucci Co. has formed a joint venture with Cabot Properties to develop a 320,250-square-foot industrial facility in Feasterville-Trevose, Pa. Principal Asset Management provided a $35.7 million construction loan, according to public records.
JLL Capital Markets arranged the construction loan, as well as the joint venture equity, representing the sponsor, J.G. Petrucci.
Scheduled for completion in the third quarter, the Class A warehouse is set to feature 36-foot clear heights, two drive-in doors, 55 dock-high loading doors and 50- by 54-foot column spacing. Additionally, the property will feature 56 trailer stalls and 195 car vehicle parking spaces, along with some 2,500 square feet of office space.
The distribution facility will rise on 19.5 acres at 4626 Somerton Road, offering easy access to routes 1 and 132 and several other major thoroughfares. Northeast Philadelphia Airport is within 7 miles, downtown Philadelphia is 20 miles away, while Port of Camden is 24 miles southwest.
The JLL Capital Markets team comprised Senior Managing Directors Jon Mikula and John Plower, Director Ryan Cottone and Vice President Michael Lachs. Last summer, Mikula and Lachs were part of the team that arranged the construction financing for a 211,388-square-foot industrial project in Newark, N.J., expected to come online later this year.
Philly’s leading industrial pipeline
As of November last year, Philadelphia had the largest pipeline in the Northeast region, with 10.8 million square feet of industrial space under construction, or 2.5 percent of total stock, a CommercialEdge industrial report shows. Recent new development in the market included Rockefeller Group’s partnership with PCCP LLC for the development of a 656,904-square-foot industrial campus.
Hilco Redevelopment Partners is working on a $4 billion, 1,300-acre mixed-use project in South Philadelphia. Its first phase is expected to encompass two industrial buildings totaling more than 1 million square feet.
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