J.G. Petrucci Co. Inc. has expanded its industrial portfolio with the acquisition of two properties on Snowdrift Road in Upper Macungie Township.
CBRE had been marketing the properties and negotiated the sale on behalf of the former owner, Penwood Real Estate Management.
Penwood, of West Hartford, Conn., is a real estate investment advisory firm that was formed in 2003 and is dedicated to managing value-added real estate investments in the institutional market.
Petrucci, which has offices in Bethlehem, currently owns and operates over 4.5 million square feet of commercial, industrial, retail and residential properties.
The two Iron Run Lehigh properties at 6980 and 7020 Snowdrift Rd. total 135,082 square feet and are fully occupied with five major tenants.
Penwood renovated both properties while they were under its ownership.
6980 Snowdrift Rd., which is a 99,782-square-foot facility sitting on 10.59 acres, was renovated in 2018.
The other property, 7020 Snowdrift Road is a 41,390-square-foot property sitting on 4.09 acres. It was renovated in 2017.
“Iron Run has endured as one of the Lehigh Valley’s most consistent, well-located light industrial concentrations,” said CBRE’s Brad Ruppel. “These two buildings and their diverse tenant roster are emblematic of the adaptive functionality of this park. Investors continue to recognize the draw of locating at the heart of the region’s dynamic logistics infrastructure and labor concentrations.”
Terms of the acquisition were not disclosed.