Commercial developer buys 160,000 s/f building.J.G. Petrucci Co., Inc., a commercial developer/builder, recently purchased a 160,000 s/f warehouse building on Half Acre Road and a pad site A pad site is a freestanding parcel of commercial real estate located in the front of a larger shopping center or strip mall. Desirable because of their visibility to consumers, accessibility, and the ease of facilitating drive-thru service, pad sites are typically sought after by that can accommodate another 140,000 s/f in Cranbury. The two parcels were part of a 115-acre campus previously acquired by Church & Dwight, Co. Inc., the consumer packaged goods Noun 1. packaged goods - groceries that are packaged for sale foodstuff, grocery - (usually plural) consumer goods sold by a grocer plural, plural form - the form of a word that is used to denote more than one company. Cushman & Wakefield represented both the buyer and the seller in the $4.8 million transaction. "Petrucci is focused on purchasing value-add properties that can be upgraded for lease or sale," said Frank V. Caccavo, Jr., executive director at Cushman & Wakefield's New Jersey office in Edison, who negotiated for the buyer. "This purchase represented a wonderful opportunity. The properties are conveniently located at Exit 8A of the Turnpike turnpike, road paid for partly or wholly by fees collected from travelers at tollgates. It derives its name from the hinged bar that prevented passage through such a gate until the toll was paid. See also road. , in an area that has attracted considerable new development." Greg Rogerson, a principal at Petrucci who serves as in-house In-house In the context of general equities, keeping an activity within the firm. For example, rather than go to the marketplace and sell a security for a client to anyone, an attempt is made to find a buyer to complete the transaction with the firm. counsel, said, "We intend to rehabilitate re·ha·bil·i·tate v. 1. To restore to good health or useful life, as through therapy and education. 2. To restore to good condition, operation, or capacity. the warehouse building for future lease and make the pad site available either for build-to-suit or land sale. We already have preliminary approval for approximately 131,000 s/f on the pad site and expect to have transactions completed on the two sites by early 2006." The entire campus consisted of four structures and the pad site. "By bifurcating the property, Church & Dwight was able to create significant value," explained Start Danzig, executive director at Cushman & Wakefield's New Jersey headquarters in East Rutherford Rutherford (rŭth`ərfərd), borough (1990 pop. 17,790), Bergen co., NE N.J., a residential suburb of the New York City–N New Jersey metropolitan area; inc. 1881. Several pre-Revolutionary houses remain there. , who represented the seller. |
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