JLL arranges financing for 511K sq. ft. spec warehouse in P’burg

JLL Capital Markets has arranged financing for the Phillipsburg Logistics Center at 78 project, a speculative industrial building in Warren County, it announced recently.

The project is a 511,200-square-foot Class A property being developed by Asbury-based J.G. Petrucci Co. Inc., JLL said in a news release. The real estate firm arranged a joint venture partnership with an undisclosed institutional real estate investor and placed a three-year construction loan with Jersey City-based Provident Bank on behalf of the new partnership.

The project, on 66 acres at 39-41 Strykers Road in the Lehigh Valley industrial market, is expected to be completed in summer 2021, with JLL also retained as the leasing agent.

The Capital Markets team representing the developer was led by Jon Mikula and John Plower, senior managing directors, while the leasing efforts will be led by Jeff Lockard, executive vice president.

“We are excited and proud to be a part of this new J.G. Petrucci project, which demonstrates the significant demand for state-of-the-art warehouse/distribution facilities in our region,” Mikula said in a prepared statement.

The facility will feature 36-foot clear heights, two drive-in doors, 109 trailer parking stalls and more, as a best-in-class speculative warehouse, JLL said.

Financial terms of the agreements were not disclosed.