New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
JLL Arranges JV Equity for Phillipsburg Industrial Build
JLL Capital Markets arranged joint venture equity and construction financing for the development of Phillipsburg Logistics Center at 78, a 511,200-square-foot, Class A speculative industrial building in Phillipsburg, NJ, part of the Lehigh Valley Industrial submarket.
A team of Jon Mikula and John Plower worked on behalf of the developer, J.G. Petrucci Co, Inc., to arrange the JV partnership with an institutional real estate investor. Additionally, working on behalf of the new partnership, JLL placed a three-year construction loan with Provident Bank.
“Given its proximity along I-78 to the Ports of New York and New Jersey along with its phenomenal labor force, the Phillipsburg pocket of the Lehigh Valley is extremely attractive to developers, capital sources and, most important, industrial users,” said Plower.
Project completion is anticipated in the summer of 2021. JLL’s Jeff Lockard will spearhead leasing efforts.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
