— Jeff Ward, Lehigh Valley News Briefs
J.G. Petrucci Co. has acquired a 40,000-square-foot building on five acres in Bethlehem for $5.2 million.
Continental Cup, a maker of paper cups and lids, is the tenant at 1920 Spillman Drive in Lehigh Valley Industrial Park VII, according to a press release.
J.G. Petrucci paid $5.2 million to acquire the building from Lehigh Valley Industrial Park Inc., according to Northampton County records. The purchase was made through a limited liability corporation, Triple Net Investment CXIV. “Triple net” is a real estate term meaning the tenant pays all costs associated with the property: rent, insurance, maintenance and taxes.
J.G. Petrucci has a “proven track record in strategic investments and business growth,” Kerry Wrobel, president of LVIP, said in the statement.
“This deal marks another strategic investment in LVIP, a hub for industrial and commercial operations,” Jim Petrucci, president and founder of J.G. Petrucci, said.
Continental Cup Company’s President Rick Timone said he is looking forward to creating more jobs in the Lehigh Valley.
Lehigh Valley News Briefs 