{"id":1004697106,"date":"2024-01-10T06:31:27","date_gmt":"2024-01-10T14:31:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004697106"},"modified":"2024-01-10T06:38:01","modified_gmt":"2024-01-10T14:38:01","slug":"cabot-petrucci-jv-to-build-320-ksf-philadelphia-warehouse","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cabot-petrucci-jv-to-build-320-ksf-philadelphia-warehouse\/","title":{"rendered":"Cabot, Petrucci JV to Build 320 KSF Philadelphia Warehouse"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a3252a8d0a71&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-large is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004697110\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cabot-petrucci-jv-to-build-320-ksf-philadelphia-warehouse\/4626-somerton\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/4626-Somerton-e1704883208424.jpg\" data-orig-size=\"1150,862\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"4626 Somerton\" data-image-description=\"&lt;p&gt;4626 Somerton is a 320,250-square-foot industrial facility in Feasterville-Trevose, Penn.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The 320,250-square-foot industrial warehouse will rise in the Delaware Valley, between Philadelphia and New York City. Image courtesy of JLL &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/4626-Somerton-e1704883208424.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"768\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/4626-Somerton-e1704883208424.jpg?w=1024\" alt=\"4626 Somerton is a 320,250-square-foot industrial facility in Feasterville-Trevose, Penn.\" class=\"wp-image-1004697110\" style=\"aspect-ratio:4\/3;object-fit:cover;width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/4626-Somerton-e1704883208424.jpg 1150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/4626-Somerton-e1704883208424.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/4626-Somerton-e1704883208424.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/4626-Somerton-e1704883208424.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The 320,250-square-foot warehouse will rise in the Delaware Valley, between Philadelphia and New York City.<em> Image courtesy of JLL <\/em><\/figcaption><\/figure><\/div>\n\n\n<p><strong>J.G. Petrucci Co<\/strong>. has formed a joint venture with <strong>Cabot Properties<\/strong> to develop a 320,250-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/whats-next-for-industrial-real-estate\/\">industrial facility<\/a> in Feasterville-Trevose, Pa. <strong>Principal Asset Management<\/strong> provided a $35.7 million construction loan, according to public records.<\/p>\n\n\n\n<p><strong>JLL Capital Markets <\/strong>arranged the construction loan, as well as the joint venture equity, representing the sponsor, J.G. Petrucci.<\/p>\n\n\n\n<p>Scheduled for completion in the third quarter, the Class A warehouse is set to feature 36-foot clear heights, two drive-in doors, 55 dock-high loading doors and 50- by 54-foot column spacing. Additionally, the property will feature 56 trailer stalls and 195 car vehicle parking spaces, along with some 2,500 square feet of office space.<\/p>\n\n\n\n<p>The distribution facility will rise on 19.5 acres at 4626 Somerton Road, offering easy access to routes 1 and 132 and several other major thoroughfares. Northeast Philadelphia Airport is within 7 miles, downtown Philadelphia is 20 miles away, while Port of Camden is 24 miles southwest.<\/p>\n\n\n\n<p>The JLL Capital Markets team comprised Senior Managing Directors Jon Mikula and John Plower, Director Ryan Cottone and Vice President Michael Lachs. Last summer, Mikula and Lachs were part of the team that arranged the construction financing for <a href=\"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-lands-64m-for-newark-spec-project\/\">a 211,388-square-foot industrial project<\/a> in Newark, N.J., expected to come online later this year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-philly-s-leading-industrial-pipeline\">Philly\u2019s leading industrial pipeline<\/h2>\n\n\n\n<p>As of November last year, Philadelphia had the largest pipeline in the Northeast region, with 10.8 million square feet of industrial space under construction, or 2.5 percent of total stock, a <a href=\"https:\/\/www.commercialsearch.com\/news\/transformative-shifts-a-recap-of-2023-in-the-dynamic-industrial-sector\/\">CommercialEdge industrial report<\/a> shows. Recent new development in the market included Rockefeller Group&#8217;s partnership with PCCP LLC for the development of <a href=\"https:\/\/www.commercialsearch.com\/news\/rockefeller-group-pccp-to-build-philly-industrial-campus\/\">a 656,904-square-foot industrial campus<\/a>.<\/p>\n\n\n\n<p>Hilco Redevelopment Partners is working on a $4 billion, <a href=\"https:\/\/www.commercialsearch.com\/news\/4b-mixed-use-district-breaks-ground-in-south-philadelphia\/\">1,300-acre mixed-use project<\/a> in South Philadelphia. Its first phase is expected to encompass two industrial buildings totaling more than 1 million square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Principal Asset Management provided the construction financing.<\/p>\n","protected":false},"author":3355,"featured_media":1004697110,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21748,11,21742,1494],"tags":[33920,44006,34060],"class_list":["post-1004697106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-industrial","category-midatlantic","category-latest","category-philadelphia","tag-cabot-properties","tag-jll-capital-markets","tag-jon-mikula"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cabot, Petrucci JV to Build 320 KSF Philadelphia Warehouse - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"J.G. Petrucci Co. and Cabot Properties will develop a 320,250-square-foot industrial facility in Feasterville-Trevose, Pa.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cabot-petrucci-jv-to-build-320-ksf-philadelphia-warehouse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cabot, Petrucci JV to Build 320 KSF Philadelphia Warehouse\" \/>\n<meta property=\"og:description\" content=\"J.G. Petrucci Co. and Cabot Properties will develop a 320,250-square-foot industrial facility in Feasterville-Trevose, Pa.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cabot-petrucci-jv-to-build-320-ksf-philadelphia-warehouse\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-10T14:31:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-10T14:38:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/4626-Somerton-e1704883208424.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1150\" \/>\n\t<meta property=\"og:image:height\" content=\"862\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Vicentiu Fusea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cabot-petrucci-jv-to-build-320-ksf-philadelphia-warehouse\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cabot-petrucci-jv-to-build-320-ksf-philadelphia-warehouse\/\",\"name\":\"Cabot, Petrucci JV to Build 320 KSF Philadelphia Warehouse - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cabot-petrucci-jv-to-build-320-ksf-philadelphia-warehouse\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cabot-petrucci-jv-to-build-320-ksf-philadelphia-warehouse\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/4626-Somerton-e1704883208424.jpg\",\"datePublished\":\"2024-01-10T14:31:27+00:00\",\"dateModified\":\"2024-01-10T14:38:01+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6f90c90d1e85956f06679ddabc844412\"},\"description\":\"J.G. 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