Questions and Answers: J.G. Petrucci
By LVEDC Staff on May 14, 2013
In this month’s edition of Lehigh Valley Economic Development Corp.’s commercial real estate newsletter, The Real Deal, we interview Jim Petrucci, president of the J.G. Petrucci Company, Inc. The privately-held company has 25 years experience in the design and construction, development and acquisition of industrial, office, healthcare, retail and multi-family units in the New Jersey and Pennsylvania markets. The company’s portfolio encompasses a full gamut of brownfield and adaptive reuse projects. The firm is based in Asbury, N.J. and has a Lehigh Valley office in Bethlehem. Our interview took place April 11th.
Q: Much of J.G. Petrucci’s reputation over the past quarter century has been for taking full accountability and providing turnkey solutions for your customers. What are the advantages and also the challenges associated with that reputation?
A: Our reputation has been built over the past 25 years, but it is really built organically, one client at a time. It sounds cliché to say, but our culture and focus on the final product and our clients’ total satisfaction is what built our company. We never start a project looking for the end game. We fully expect to have ongoing relationships with our clients for decades to come. It goes beyond the project.
Our clients know that we take leadership seriously. We expect everyone within our organization to take a leadership role. It’s not just getting the job done; it really is getting it done right. We show up every day with an old-fashioned work ethic, and we earn our clients respect and appreciation by how we do our jobs.
We really don’t see any challenges resulting having a solid reputation. The bar is set high and we wouldn’t have it any other way! We focus our actions and efforts every day to maintain our relationship with everyone we work with and our community.
Q: Have you seen cost changes in the price of steel, concrete block or other materials?
A: The construction-related commodities market is continually changing plus and minus. The majority of construction-related product variables have stabilized (to some degree) in the last six months, with exception to transportation costs and specific materials (i.e. lumber and gypsum drywall). These are directly related to the national disaster along the Jersey Shore.
The scramble to secure business at the onset of the recession with the larger suppliers, manufacturers and sub-contractors has passed. Most organizations have downsized, reorganized or become more grounded or focused on chasing the right project with the right associates versus volume.
The overall outcome: less construction in the market doesn’t always equate to a better deal. The right client, project, designer and management firm will create more opportunities and better the negotiations to securing the best value.
Q: It’s my understanding Petrucci has been active in Forks Township for several land holdings and projects. Why?
A: Forks Township is one of the many great townships we do business in. We’ve worked hard to diversify our land and building holdings throughout Pennsylvania and New Jersey. We are the largest land owner in the LVIP (Lehigh Valley Industrial Parks) parks and we lease over three million square feet of space in the region. Our customers have a variety of needs based on location, building or lot size and access to rail or major highways, so it’s important that we have the inventory or access to inventory to help them meet their land or building needs.
Forks Township, in particular, has a business-friendly climate, great highway access and housing stock, and the deepest labor pool in the Lehigh Valley.
Q: What impact will the Chrin Route 33 interchange have on Petrucci in Northampton County?
A: The new interchange will allow greater access to our Forks Township land and that certainly plays a role in where companies locate. The location really helps for a company who needs access to either 78 or 80.
Q: An overview question: how do Lehigh Valley land prices compare to Petrucci’s New Jersey market?
A: The Lehigh Valley is the most cost effective for land, taxes and labor in the New York metro market.
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