Dermody Properties/DP Partners Continues Strong Activity in Logan, NJ Industrial Market with Acquisition at LogistiCenter

RENO, Nev. - Dermody Properties/DP Partners maintains positive momentum with the announcement of the acquisition of a 259,910 square foot office/ distribution facility on 14.4 acres of land in LogistiCenter at Logan, New Jersey. Dermody Properties/DP Partners purchased the building from Lexington Lion, NEBC, L.P., for an undisclosed price.

 
In November 2010, Dermody announced the sale of a 599,500 square foot leased property to Kimberly-Clark at LogistiCenter in Logan. Now, Dermody makes a value-added acquisition of a 259,910 square foot vacant industrial building in Logan Township, NJ and will immediately reposition the asset for lease. 
 
Located at 1109 Commerce Blvd in Logan, NJ, the existing facility has an additional 9.6 acres of land that could expand the building to 470,000 square feet. Originally built in 1998, the facility has more than 10,000 square feet of existing office space, with the remainder of the building being a fully air conditioned space for manufacturing/warehouse use. DP Partners will call the new acquisition “Commerce Corner.” 
 
“This is a purchase that offers DP Partners the opportunity to continue to lease industrial space in this highly successful park,” said Stephen G. Bailey, DP Partners’ Eastern Region Partner. “With our last building in the park now at 100 percent occupancy, DP Partners is anxious to offer this first class facility to clients at very competitive rental rates. This will be a great complement to our land sales and build-to-suit capabilities in Logan." 
 
Bailey and Matthew Marshall of the Eastern Regional office and John Atwell, Chief Operating Officer were the DP Partners team that managed the transaction. Great Point Investors is DP Partners’ joint venture partner in this transaction, continuing a long-standing relationship between the two companies. 
 
“The Commerce Corner at Logan is a very positive springboard into 2011,” said Michael Dermody, Chairman and CEO of Dermody Properties. “Our 400-acre LogistiCenter at Logan is the home to many outstanding national companies. This acquisition provides us with even more opportunities to grow our customer base.” 
 
Since 2005, five buildings, totaling nearly 1.5 million square feet, have been developed at LogistiCenter at Logan. When built out, the park will accommodate new manufacturing, distribution, warehouse, industrial, research-and-development, office and flex space that has the potential to generate more than 1,000 new jobs for the region encompassing southern Jersey, southeastern Pennsylvania, and northern Delaware. There are 11 existing buildings in the park occupied by a diverse group of well-known national companies.
 
LogistiCenter at Logan is 12 miles south of Philadelphia, one half mile north of Exit #10 on I-295, 16 miles south of the Port of Philadelphia, and 12 miles south of Philadelphia International Airport. The park has convenient access to the strategic network of interstates and highways serving Northeast markets. The industrial park is served by the SMS Rail Lines short line, which connects to three Class 1 railroads including Norfolk Southern Railway, Canadian Pacific Railway, and CSX Transportation. 
 
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.