By Linda Moss CoStar News
Dermody Properties is continuing to expand its logistics portfolio in New Jersey with its acquisition of an industrial development site in a suburb of Philadelphia.
Reno, Nevada-based Dermody has purchased the planned site of a 214,271-square-foot facility at 261 Swedesboro Paulsboro Road in Woolwich Township. The seller was owner Arbok.
Terms of the transaction weren't disclosed.
The industrial development is slated for 14 acres and, upon completion, will feature 40-foot-high-clear ceiling heights, two drive-in doors, 39 dock doors, 19 trailer stalls and 169 parking spaces. The facility is scheduled to be completed in mid-2024.
Dermody has been adding to its industrial holdings in the Garden State. For example, in May it paid $37.6 million to acquire two sites in southern New Jersey where it plans to develop two logistics facilities.
“The fully approved industrial development site is an ideal size to cater to the deepest pool of tenant demand and strategically located immediately off the New Jersey Turnpike, granting convenient access to major cities."
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