JV Buys 124 Acres for Industrial Sites

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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.