Friday, June 14, 2019

Dermody Adds Logistics Property in Central New Jersey

by John Jordan
Dermody Properties has acquired 150 Milford Road, a more than 600,000-square-foot logistics building, here.

The Reno, NV-based private equity real estate investment, development and management company plans to undertake building upgrades that will make a total of 615,000 square feet ready for occupancy in 2020. No financial details of the transaction were disclosed.
The building, located on 51.49 acres, was originally built in 1998 with a warehouse expansion added in 2003. The building features 28 trailer parking positions, 413 car parking stalls, 41 dock doors, two drive-in doors and a 36-foot clear height in the warehouse addition, making it well-suited for e-commerce operations, Dermody states.

“This new acquisition fits well with Dermody Properties’ strategy to procure logistics real estate in key markets across the nation,” says Douglas A. Kiersey, Jr., president of Dermody Properties. “The asset provides an opportunity for our customers to grow their logistics network in one of the tightest submarkets in the country.”
The building is less than a mile away from the New Jersey Turnpike and Route 33 and is located within 45 miles of Newark Liberty International Airport, Port Newark and Port Elizabeth.

Eugene Preston, East Region partner for Dermody Properties, adds, “The building represents one of the largest blocks of available space in the Central New Jersey industrial market.”

Dermody has been active in the Pennsylvania/New Jersey industrial market of late. The deal for the East Windsor, NJ property comes less than a month after the firm broke ground on two buildings at a 557,820-square-foot complex located 80 miles from the Port of New York and New Jersey in Wind Gap, PA.
The firm’s LogistiCenter at Lehigh Valley East will be located at 450 East Moorestown Road in the Northampton County submarket. Construction of the first building is scheduled to be complete in the fourth quarter of 2019. The second building will be completed in early 2020.

Last month, Dermody Properties also announced that it recently broke ground on a 251,800-square-foot distribution center in the North Las Vegas submarket of southern Nevada. It will be located at 6565 Nascar St. on a 14-acre parcel and will be called LogistiCenter at Speedway. Dermody estimates that construction will be completed by first quarter of 2020.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.