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BETHLEHEM, PA, JULY 28, 2009---- J.G. Petrucci Co., Inc. (“JGPCO”), one of the New Jersey and Pennsylvania region’s most respected development and design/build organizations, in an all-cash deal, has acquired 2198 Industrial Drive in Bethlehem, Pennsylvania. The 102,500 square foot warehouse building is situated within Lehigh Valley Industrial Park I and was delivered vacant. JGPCO will make a number of upgrades to the property with work commencing immediately.
Marc Greisler of Gelcor Realty, Inc. represented JGPCO in the transaction, while Frank T. Smith, CCIM, CPM®, principal, Summit Management and Realty Company (“Summit”) represented the property owner.
“We are very pleased to have been able to acquire 2198 Industrial Drive,” noted Tom Shaughnessy of JGPCO. He added, “With its high visibility from Route 22 and proximity to Route 378, as well as Lehigh Valley International Airport and Interstate 78, 2198 Industrial Drive occupies one of the finest locations in the Lehigh Valley. In addition, the building is 100% wet sprinklered and has 13 dock doors and two drive-ins, which should appeal to a wide range of flex users.”
Greg Rogerson, a principal with JGPCO, stated, “2198 Industrial Drive divides well and we are able therefore, to accommodate tenants with different size requirements. At the same time,” he added, “the building enjoys low operating costs and taxes, which is highly significant for just about everyone these days.”
Additional property features at 2198 Industrial Drive include 19’ clear ceiling height, 34’ by 41’-9” column spacing and access to a wide range of hotels, restaurants, retail services and other amenities in the immediate area.
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About Gelcor Realty, Inc.
For more than 25 years, Gelcor Realty has provided a full range of real estate services to commercial occupiers, owners and investors. While our core area of operations continues to be Eastern Pennsylvania and Southern New Jersey, our Investment Representation and Asset Management Services have taken us to over thirty states, including metropolitan areas such as Boston, New York, Philadelphia, the Lehigh Valley, Central Pennsylvania, Washington D.C., Phoenix, Dallas, Houston, Atlanta, Chicago, South Florida, Charlotte and numerous others. The Principals of Gelcor have over 100 years of combined experience and have established an extraordinary record of success by consistently focusing on adding value to the commercial real estate transaction process. Extensive market knowledge combined with an ability to quickly understand a client's goals and objectives results in creative solutions. Each Principal draws on a wide variety of experience in all phases of commercial real estate, including brokerage, finance, development and asset management. Every member of our firm consistently strives to exceed client expectations and fulfill their real estate needs ethically, efficiently and economically. Nationwide, Gelcor has sold and leased more than 60 million square feet and sold over 3,300 acres of land. For more information, please visit our website at www.gelcor.com.
About Summit Management and Realty Company
Summit Management and Realty Company is a full-service commercial/industrial real estate firm serving eastern Pennsylvania. Summit provides comprehensive services in development, brokerage, acquisitions and disposition, leasing, investment sales, asset and property management, corporate services, build-to-suit leaseback management, consultation, advisory services and research. Summit Management and Realty Company was founded in 1986 and is based in the Lehigh Valley. The company is a member of TCN Worldwide, a consortium of independent commercial real estate firms that provides complete integrated real estate solutions locally and internationally. With approximately $13.9 billion in transactions and over 100 million square feet of space under management, the organization ranks as one of the largest service providers in the industry. An extensive range of real estate services coupled with a personal commitment to exceed client expectations is what allows TCN Worldwide to be a leader within the commercial real estate industry. Formed in 1989, TCN Worldwide is comprised of 61 offices and over 1,200 commercial real estate professionals, which serve more than 200 primary and secondary markets worldwide. For more information, contact Marcie Huber, Marketing Coordinator, Summit Management and Realty Company, 3435 Winchester Drive, Suite 300, Allentown, PA 18104; phone 610-264-0200 ext. 1696, fax 610-871-1700, email mhuber@summitmrc.com.
About J.G. Petrucci Co., Inc.
J.G. Petrucci Co., Inc (JGPCO) is a fully integrated, privately-held real estate organization with more than 21 years experience in the design/build, development, re-development and acquisition of industrial, office, medical, retail, multi-family and hotel properties. In addition, the company is recognized as a leader in both the New Jersey and Pennsylvania markets with a diverse client and tenant roster that includes organizations such as Merrill Lynch, Weyerhaeuser Co., FedEx, Cryovac/Sealed Air, Gargiulo Produce, BlackRock, Inc., Flemington BMW, Synchronoss Technologies, 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 the Lehigh Valley, Pennsylvania. For additional information about J.G. Petrucci Co., Inc., please visit our website at www.jgpetrucci.com
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