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ASBURY, NJ AND EAST BRUNSWICK, NJ, January 6, 2009---- A joint venture of J.G. Petrucci Co., Inc. (“JGPCO”) and F. Greek Development (“F. Greek”), has completed the construction and sale of 140 Docks Corner Road in South Brunswick, New Jersey to BlackRock, Inc. (“BlackRock”). The acquisition price was approximately $42.5 million ($73.00 per square foot). BlackRock is pursuing LEED (Leadership in Energy and Environmental Design) Silver Certification for the building.
Located on a 44-acre site, Middlesex Intermodal Center is a 583,136 square foot warehouse/distribution facility situated less than one mile from Exit 8A of the New Jersey Turnpike. State-of-the-art building features include tilt-up construction, 36-foot clear ceiling heights, 65-foot by 54-foot stage bays, 104 9-foot by 10-foot dock doors (cross load), 130-foot Truck Courts & 60-foot concrete aprons, parking for 176 cars and 103 trailers, 1,800 amp 480/277 volt electric service and a TPO White Roof System. The facility will also offer occupiers access to rail transportation.
Frank Greek, president of F. Greek stated, “We’re very proud of this building, not least because of features such as its high solar reflectance roof, a lighting package that is 30% more efficient than metal halide, construction that is estimated to be 17% more energy efficient than standard construction and potable water reduction of at least 40%.” James G. Petrucci, president of JGPCO added “BlackRock was a pleasure to work with on the project, which greatly facilitated getting the building completed in a timely manner.”
New Jersey office of Holliday Fenoglio Fowler, L.P. represented both the buyer and the sellers in the transaction.
About BlackRock
BlackRock is one of the world’s largest publicly traded investment management firms. At
September 30, 2008, BlackRock’s assets under management were $1.259 trillion. The firm manages assets on behalf of institutions and individuals worldwide through a variety of equity, fixed income, cash management and alternative investment products. In addition, a growing number of institutional investors use BlackRock Solutions® investment system, risk management and financial advisory services. The firm is headquartered in New York City and has employees in 22 countries throughout the U.S., Europe and Asia Pacific. For additional information, please visit the firm's website at www.blackrock.com.
About Holliday Fenoglio Fowler, L.P.
HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing. www.hfflp.com.
About F. Greek Development
As one of the oldest industrial real estate development specialists in the industry today, F. Greek Development is a vertically integrated company operating every phase of its 9,500,000 square foot portfolio including site selection, design, construction, leasing, property management and tenant relations. From the drafting table to our computer aided designs, our team of experienced, in-house managers diligently control all aspects of the development process culminated with clients cutting the ribbon and taking occupancy. What differentiates F. Greek Development is our ability to mirror a client's business strategy with a customized facility that reflects their short and long term business strategy. To learn more about F. Greek Development, please visit our website at www.fgreek.com.
About J.G. Petrucci Company, Inc.
J.G. Petrucci Co., Inc (“JGPCO”) is a privately-held developer/builder with more than 20 years experience in the design/build, development, re-development and acquisition of commercial, educational and healthcare-related properties. In addition, JGPCO is recognized as a leader in both the New Jersey and Pennsylvania markets with a client and tenant roster that includes Merrill Lynch, Weyerhaeuser Co., Federal Express, Cryovac/Sealed Air, Gargiulo Produce, Westfield Medical Center, Flemington BMW and Schuetz Containers. JGPCO presently holds an investment portfolio of over 3 million square feet of prime industrial, retail and office space. The firm is based in Asbury, New Jersey and also maintains offices in Bethlehem, Pennsylvania. For additional information on J.G. Petrucci Co., Inc., please visit our website at www.jgpetrucci.com.
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