(To read more on the industrial market, click here.)
LEHIGH VALLEY, PA-Philadelphia-based Grosvenor Investment Management US Inc. has teamed up with JG Petrucci Co. to acquire 124 acres of unimproved land for $5.9 million, or nearly $47,581 per acre. The JV plans to obtain entitlements and invest $6 million in infrastructure over the next three years before subdividing the land into industrial development parcels for sale.
The land consists of two parcels known as Brennan Farm, which were sold by a local owner. "It's zoned for industrial use, and a portion of it is on a rail spur," says Kathleen Hands, GIM's managing director. "There are a lot of companies looking in the Lehigh Valley, and we already have strong prospects for the larger lots," she tells GlobeSt.com.
The prospects include developers and end-users, Hands says, adding, "Most likely it will be developed into distribution facilities." Serge Fanning, a GIM investment analyst, points out that there are already nearly 400 distribution centers in the Valley.
Hands declined to provide a range of resale prices. "There will be a wide range," she says, "depending on size and nearness to the rail spur." In addition to land-sales, she points out that JG Petrucci, which has headquarters in Asbury, NJ and nearby Bethlehem, may attract build-to-suit clients.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
