News
Construction Starts on Final Facility in Central PA Industrial Park
Dermody Properties Breaks Ground on Final Building in 1.3 MSF Industrial Park in Carlisle
Dermody Properties together with PCCP, LLC (PCCP), an integrated real estate finance and investment management firm, recently broke ground on a second facility in LogistiCenter Carlisle, a 1.3 million-square-foot industrial park in Carlisle, Penn.
Dermody Properties and PCCP broke ground at 1 Ames Drive on April 9. The 602,250-square-foot facility will feature 36 feet of structural clear height, 142 loading docks, 187 car parking spaces and 93 trailer parking spaces. It is available for lease and is expected to be complete in September 2015. Improvements to the industrial park’s first building, a 700,000-square-foot facility located at 2 Ames Drive, were completed in Fall 2014, and the facility is currently fully leased to Amazon.
“LogistiCenter Carlisle is a premier industrial park in a premier Northeast distribution market,” said Gene Preston, partner, Dermody Properties East Region Office. “We are excited to begin the last phase of development in LogistiCenter Carlisle and look forward to developing another state-of-the-art facility to complement the Amazon facility at 2 Ames Drive.”
Dermody Properties is serving as the industrial developer and operating partner, and PCCP is serving as financial partner on the project.
Pictured from left to right: James Mascaro, Dermody Properties; Jack Cooney, PCCP, LLC; Elizabeth Teske, Gene Preston and Michael Dermody, Dermody Properties; Bryan Thornton and Melanie Gangel, PCCP, LLC; and Douglas A. Kiersey, Jr., Dermody Properties.
“The property is well-located in the heart of the Central Pennsylvania Class A bulk warehouse market and is accessible from multiple eastern seaboard ports, making it a prime strategic distribution location,” said Melanie Gangel, vice president, PCCP, LLC. “We are very pleased with the progress of this project and the benefits its future tenants will enjoy.”
LogistiCenter Carlisle is centrally located within the northeastern United States. Located only one mile off of Interstate 81, the industrial park is within one day’s drive of approximately 40 percent of the U.S. population. This region affords vital access to many global markets, including Canada. This strategic location has attracted many household brand names to the area.
“When we purchased the land and existing building here in late 2013, we knew that with the right buildings this location would be ideal for companies that need to reach their northeast customers quickly and efficiently,” said Douglas A. Kiersey, Jr., president, Dermody Properties. “We’re pleased to now be starting construction on the final state-of-the-art facility in LogistiCenter Carlisle.”
Blue Rock Construction is serving as Dermody Properties’ construction partner, and Gerry Blinebury and Adam Campbell of Cushman & Wakefield are marketing the property.
About PCCP
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $10 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.