JV equity and construction financing secured for new industrial project in Bensalem, Pennsylvania

MORRISTOWN, NJ, Jan. 9, 2024 – JLL Capital Markets announced today that it arranged joint venture equity and construction financing for a to be built industrial project on Somerton Rd. in Feasterville-Trevose, Bensalem Township, Bucks County, Pennsylvania.

JLL represented the sponsor, J.G. Petrucci Company, Inc., in arranging the joint venture with Cabot Properties, Inc. On behalf of the new venture, JLL secured a construction loan with Principal Asset Management.

4626 Somerton Road will consist of a 320,250-square-foot, Class A industrial warehouse/distribution facility featuring 36-foot clear heights, 55 tailgate doors, two drive-in doors and 50’ x 54’ column spacing. The building will be situated on a 19.5-acre site with 56 trailer spaces and 195 passenger vehicle parking spaces. The proposed building is ideally sized and designed to provide highly efficient warehouse space.

Bucks County is in the southeast portion of Pennsylvania and is a part of the Philadelphia-Camden-Wilmington MSA, more commonly known as the Delaware Valley. Conveniently located between Philadelphia and New York City, Bucks County is accessible to nearly every kind of transportation network available. One third of the nation's population resides within a one-day drive of Bucks County, making it a prime location for the transport of goods and services not only throughout the Eastern Seaboard, but also throughout the world. The property also has proximity to cities such as New York City (75 miles), Baltimore (120 miles), Washington D.C. (158 miles) and Boston (288 miles).

The JLL Capital Markets team was led by Senior Managing Directors Jon Mikula and John Plower, Director Ryan Cottone and Vice President Michael Lachs.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

With offices in Asbury, New Jersey, and Bethlehem, Pennsylvania, J.G. Petrucci is a privately held development firm specializing in design/build construction. The company has over 36 years of experience in the design, development, redevelopment and acquisition of commercial, industrial, educational, multifamily and healthcare properties.

J.G. Petrucci Company, Inc., Inc., has delivered more than 800 design/build projects for local, regional, and national leaders in a variety of industries. In addition, the firm owns and operates over 5.0 million square feet of commercial, industrial and retail properties; 2,000 luxury apartment homes; and has extensive land holdings to offer its clients throughout New Jersey and Pennsylvania.

For more information on J.G. Petrucci Company, Inc., Inc., visit jgpetrucci.com or call 908.730.6909.

Founded in 1986, the firm was one of the first real estate firms to provide institutional investors with access to the industrial property sector. Over the past three decades, the industrial property sector has grown to become one of the largest and most attractive commercial property sectors globally. Cabot's business has evolved, and the firm has become a leading investor, developer, and operator of distribution buildings throughout the United States, United Kingdom, Europe, and Australia. Cabot operates discretionary commingled funds, as well as separate account programs, that employ a range of investment strategies for institutional investors globally.

Cabot is an independent, private partnership wholly owned by the senior members of the team. Cabot is a registered SEC investment advisor and as a fiduciary, aspires to excellence in service to its institutional investors. Over time, Cabot has invested over $14 billion in logistics real estate, served over 4,000 tenants, and operated over 1,600 buildings totaling more than 200 million square feet. Cabot is headquartered in Boston with offices in Atlanta, Chicago, Dallas, Los Angeles, Amsterdam, London, and Sydney.

With public and private market capabilities across all asset classes, Principal Asset Management^SM and its investment specialists look at asset management through a different lens, creating solutions to help deliver client investment objectives. By applying local insights with global perspectives, Principal Asset Management identifies distinct and compelling investment opportunities for its clients. Its dedicated real estate investment team manages or sub-advises $95.5 billion in commercial real estate assets.¹ The firm's real estate capabilities include both public and private equity and debt investment alternatives.

Principal Asset Management is the global investment solutions business for Principal Financial Group® (Nasdaq: PFG), managing $506.9 billion in assets¹ and recognized as a Top 10 “Best Places to Work in Money Management²” for 11 consecutive years. Learn more at www.PrincipalAM.com. 

_[1] As of September 30, 2023

_[2] Pensions & Investments, “The Best Places to Work in Money Management”, among companies with 1,000 or more employees, December 2022.