Dermody Properties/DP Partners continues to demonstrate success even in difficult times.

RENO, Nev. - With more than 50 years of experience in industrial real estate, Dermody Properties/DP Partners has been providing creative real estate solutions through many different economic cycles.  Its customers over the years have included the nation’s most respected companies, including a number of Fortune 500 companies.

 
Their success continues even in this economic downturn, as today the corporate headquarters of Dermody Properties/DP Partners in Reno, Nev., announced the sale on Nov. 30, of two Class A industrial buildings in its national portfolio, a 689,400 square-foot building in Savanna, Ga., and a 599,500 square foot in Logan, N.J. 
 
The sale in Savannah is the largest Class A industrial property to sell in that market in almost three years. It will create 100 new jobs by 2011 due to its purchase by JLA Home for an East Coast assembly and distribution center. JLA Home, a subsidiary of E&E Company, will be located in DP’s LogistiPort Industrial Park. JLA is a global virtually-integrated company specializing in home furnishing products. The Savannah, Ga., property was initially developed in conjunction with the Savannah Economic Development Authority (SEDA), to provide tax benefits to prospective business clients. Based on job creation and capital investment, JLA will continue to benefit from this program and will enter into a new lease with SEDA upon sale.
 
The building in Logan was sold to a major financial institution at a 7.39 percent cap rate, which indicates a very strong trend toward more stable pricing for quality industrial properties in that market.  The Logan building was originally built by DP in 2008 as part of its Logisticenter at Logan, and at that time, Kimberly-Clark, producer of consumer health and hygiene products including Kleenex and Huggies, chose the Dermody property for the its Northeast distribution center. Great Point Investors of Boston, Mass., is DP’s equity partner in the Logisticenter development, including the Kimberly-Clark building.  
 
“Our best advertisement is the people we do business with,” said Michael Dermody, Chairman and CEO of Dermody Properties/ DP Partners. “Our mission statement is to create satisfied customers. We are fortunate to have great partners - at all levels of our development - and those strong relationships help us to provide successful results for everyone involved.”
 
 
The industrial building in DP’s Logisticenter at Logan is within a 1,100-acre, Class A, master-planned business park in Logan Township, Gloucester County, New Jersey. There are 11 existing buildings in the park, totaling 3.4 million square feet, occupied by a diverse group of national companies.  
 
LogistiPort in Savannah features 1,036,680 square feet of industrial space with the potential of expansion. The development is located just four miles from the main gate of the Port of Savannah. LogistiPort was the first multi-building industrial park in the Southeast United States to be LEED certified by the US Green Building Council.
 
Par Tolles and Stephen G. Bailey, Dermody Properties’ Eastern Region Partner, managed the transactions for Dermody Properties. 
 
For the Savannah transaction, David Sink with Colliers International and Steve Chess with Townsend Commercial Real Estate represented the purchaser and Bob Robers and Steve Grable with Jones Lang LaSalle represented DP Partners. For the Logan transaction, DP was represented by Joe Hill and Robert Yoshimura of The Flynn Company in Philadelphia, as the brokers.
 
DP Partners is a member of Dermody Properties.
 
About Dermody Properties:
Dermody Properties is a privately held national industrial real estate development company. Founded and headquartered in Reno, Nev., they have regional offices in Portland, Ore., Philadelphia, Penn., and Chicago, Ill., as well as property holdings in Las Vegas, Nev., and Savannah, Ga. Dermody Properties leases/develops approximately 1 million square feet annually, and have a current national portfolio of more than 4 million square feet. Over its 50-year history, the company has developed and leased more than 40 million square feet of high quality industrial/distribution facilities to many Fortune 500 companies. They are consistently ranked among the top 10 developers nationwide. In 1988, they created the Dermody Properties Foundation, which is managed by the employees of the company to provide charitable support to the communities in which they do business.