LogistiCenter at 33 Breaks Ground

Reno, NV-based commercial real estate developer Dermody Properties and PCCP, the financial partner and a San Francisco real estate finance and investment management firm, broke ground on LogistiCenter at 33, an industrial facility at 4200 E. Braden Blvd. in Forks Township, PA. Jones Lang LaSalle, which has an office in the Lehigh Valley, is the leasing team for the property. HFF served as the broker that represented J.G. Petrucci and Co. in the sale of the property to Dermody and PCCP, according to Gene Preston, partner for the east region of Dermody Properties.

Preston said the new Charles Chrin Interchange along Route 33 in neighboring Palmer Township prompted the deal. "That is the overriding reason ... the new interchange that opened up the Route 33 corridor," Preston said Monday. The interchange, which opened in July, provides easier access to Route 33 and adjoining interstates from business centers such as the one in Forks Township.

"PCCP sees this as a compelling opportunity to develop a Class A industrial facility with Dermody Properties, a best-in-class developer," added John Randall, Managing Director with PCCP. "Additionally, the local industrial market incorporates all of the key fundamentals that promise to attract large user interest. Our goal is to pre-lease the property prior to completion of construction."

Expected to be completed by summer 2016, the facility will feature 36 feet of clear height, 226 car parking spaces, and 85 trailer parking spaces. LogistiCenter at 33 is ideally suited for manufacturing, warehouse, and distribution companies that need to reach the northeastern U.S. population quickly and efficiently. R. S. Mowery & Sons, Inc. is the general contractor for the project, and the firm of Randall Paulson is serving as the project architect.

For more news and information visit Blumberg Partners.

HFF Arranged $41.15M in Financing for Middlesex Logistic Center

Holliday Fenoglio Fowler, LP (HFF) announced this week that it had arranged $41.15 million in construction financing for Middlesex Logistic Center in Edison, New Jersey. The project, developed by JG Petrucci Co., is a 570,000 square foot distribution center due to be delivered in 2003, according to a report from The Commercial Observer.

HFF worked exclusively on behalf of the sponsor, JG Petrucci Co., Inc., to structure joint venture equity from institutional investors advised by J.P. Morgan Asset Management. In addition, on behalf of the partnership, HFF secured the construction loan through M&T Bank. The HFF team representing the borrower was led by senior managing director Jon Mikula and managing director Michael Nachamkin.

Middlesex Logistic Center is being designed and built to LEED-certification standards featuring 36-foot ceiling heights, 108 loading doors, 140-foot truck courts and parking for 149 trailers.

For more news and information visit Blumberg Capital Partners.