News
Construction to Begin in Berks Park 78
Dermody Properties and Granite Real Estate Investment Trust (“Granite”), a Canadian based Real Estate Investment Trust engaged in the ownership and management of predominantly industrial and logistics properties in North America and Europe, will start construction on a new industrial development in Bethel Township, Pennsylvania later this month. The building will be a 750,000 square foot state-of-the-art industrial warehousing and distribution facility located at 41 Martha Drive in Berks Park 78.
Berks Park 78 is located just off Exit 13 in the heart of the PA I-81/I-78 Industrial Corridor, the premier distribution location in the Pennsylvania market. The location offers easy access to consumers, with more than 36% of the U.S. population and 60% of the Canadian population within a one-day truck drive. The new facility will feature 36’ clear height, 316 car parking spaces and 322 trailer parking spaces, making it an optimal solution for distribution or e-commerce operations. The property also has LERTA tax abatement status offering tenants reduced real estate taxes over a 10-year period.
“This location allows companies to reach the northeastern population base effectively and efficiently, and our facility will feature 36’ clear height and ample parking, making it ideal for modern warehousing and distribution operations,” said Gene Preston, partner, Dermody Properties East Region Office.
Berks Park 78 is a 323-acre industrial business park located directly off Interstate 78. It is in close proximity to the Northeastern U.S. population and offers an excellent labor supply for distribution and warehouse operations. In addition to Dermody Properties’ 41 Martha Drive development, there are two other existing facilities in Berks Park 78 that currently house distribution operations for Dollar General and PetSmart.
Dermody Properties is serving as the developer and operating partner, and Granite is serving as the majority equity partner on the project.
“Our relationship with Dermody continues to grow and we are excited to commence this new project at Berks Park 78. Granite is most selective in choosing both new developments it undertakes and operating partners it works with. In the case of Dermody and Berks 78, we believe we have the best of both,” said Tom Heslip CEO of Granite.
The property is being marketed to prospective tenants by Gerry Blinebury, Pat McBride and Adam Campbell of Cushman and Wakefield of Pennsylvania, Inc.
“The development of Berks Park 78 is consistent with our strategy of providing Class A distribution buildings in key markets with excellent demand drivers and barriers to new supply,” said Douglas A. Kiersey, Jr., president of Dermody Properties.
About Granite REIT
Granite is a Canadian-based REIT engaged in the ownership and management of predominantly industrial, warehouse and logistics properties in North America and Europe. Granite owns and manages approximately 32 million square feet of properties worldwide and is headquartered in Toronto, Canada. Granite’s units are publicly traded on the Toronto Stock Exchange under the symbol GRT.UN and on the New York Stock Exchange under the symbol GRP.U. Learn more about Granite at www.granitereit.com.