An Indiana-based real estate investment trust with a growing portfolio of Lehigh Valley industrial properties has snapped up another one.
Northampton County records show Duke Realty Limited Partnership paid $41.2 million for Wind Gap Logistics Center, which is off Route 33 in Plainfield Township.
The seller was J.G. Petrucci, based in Hanover Township, and The Davis Companies, a real estate firm based in Boston, Massachusetts.
Petrucci designed and built the facility last year through its in-house construction firm, Iron Hill Construction Management Co. The 349,012-square-foot-warehouse/distribution facility is at 1380 Jacobsburg Road.
Shortly after the building went up, Teva Pharmaceutical Industries Ltd., an Israel-based pharmaceutical company, signed a long-term lease for more than 50 percent of the space, according to a news release. The remainder of the building is vacant.
The property’s location off a major interchange on Route 33 helped make it attractive, said Jim Petrucci, founder and president of J.G. Petrucci.
“In a market where there is not a lot of product for sale, we thought that would stand out,” he said.
CBRE team members Brad Ruppel, Michael Hines, Brian Fiumara and Lauren Dawicki represented the sellers in the transaction.
Sean Bleiler and Bill Wolf of CBRE’s Upper Macungie Township office helped with the sale.
Last year, Duke Realty leased its third bulk warehouse in nearby 33 Logistics Park in Palmer Township. Duke Realty also owns industrial properties in West Hills Business Center in Weisenberg Township and Central Logistics Park in Bethel Township.
Efforts to reach Duke Realty were not successful.