Thursday, June 19, 2014

Dermody-Granite to Build 750,000-SF Facility

The partnership of Dermody Properties of Reno, NV and Canadia-based Granite Real Estate Investment Trust willl break ground later this month on a 750,000 square foot warehouse and distribution facility at 41 Martha Drive in Berks Park 78 here.
The facility to go up just off exit 13 in the I-81/I-78 corridor will feature 36-foot clear height, 316 parking spaces and 322 trailer parking spaces. The property has LERTA tax abatement statu,s offering tenants reduced real estate taxes over a 10-year period, company officials say.
“This location allows companies to reach the northeastern population base effectively and efficiently,” said Gene Preston, partner, of Dermody Properties’ east region office.
Dermody is serving as the developer and operating partner, while Granite is the majority equity partner on the project.
“Our relationship with Dermody continues to grow and we are excited to commence this new project at Berks Park 78. Granite is most selective in choosing both new developments it undertakes and operating partners it works with. In the case of Dermody and Berks 78, we believe we have the best of both,” says Tom Heslip, CEO of Granite.

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