Wednesday, January 19, 2022

Dermody Properties to Redevelop 342K-SF Warehouse in York, PA

 By Ingrid Tunberg

Privately-owned real estate investment, development and management firm, Dermody Properties has acquired 29.5 acres of land in York, PA.  The company plans to redevelop the former Glen-Gery manufacturing site into a 342,720-square-foot warehouse.

The state-of-the-art warehouse will be known as LogistiCenter, which is a nationally-trademarked brand owned and developed by Dermody Properties. The LogistiCenter brand represents the firm’s philosophy of developing class A distribution and logistics facilities that meet supply-chain requirements for companies.

Dermody Properties originally acquired the property in April 2021 from Glen-Gery Corp., which has occupied the site for more than 50 years. Glen-Gery Corp. will lease back the facility for two years, until development on the LogistiCenter begins.

Located one mile away from the new Interstate 83 interchange, the property is situated within the industrial region of Spring Garden Township. The site is zoned for warehouse development and Dermody Properties also plans to complete roadwork improvements to the adjoining intersection.

“This is a rare opportunity to build a new warehouse in an infill location with access to a newly constructed interchange,” says Robert Borny, East region partner at Dermody Properties. “The York submarket continues to be one of the best-performing submarkets in Central Pennsylvania.”

“Though redevelopment of the site will not happen for some time, industrial vacancies are expected to remain minimal for several years as consumers continue to respond to e-commerce trends,” says Tim Walsh, partner and chief investment officer at Dermody Properties. “We appreciate the opportunity to work with Glen-Gery on the acquisition of this project and look forward to being able to offer it to our customers.”

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