Dermody Properties Acquires 107 Acres
Will Develop LogistiCenter Carlisle Industrial Park in Carlisle, Pennsylvania
Dermody Properties, a national industrial development firm headquartered in Reno, NV, together with PCCP, an integrated real estate finance and investment management firm, recently announced the purchase of a 107-acre parcel on Ames Drive in Carlisle, PA. The site will be the location of a two-building, master-planned industrial park, known as LogistiCenter Carlisle, totaling 1.3 million square feet.
The first building of 700,000 square feet (pictured below) is immediately available. Dermody Properties will begin construction on a 602,250 square foot building based upon the leasing progress of the existing building. Today, the building site is available as a build-to-suit for a future customer.
LogistiCenter Carlisle is centrally located within the Northeastern United States. Located only one mile off Interstate 81, the industrial park is within one day’s drive of nearly 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. LogistiCenter Carlisle has such corporate neighbors as PepsiCo, Giant Food, Quaker Oats, Whirlpool, Mondelez (formerly Kraft Foods), SC Johnson, Kuhne & Nagel, and Amazon.com.
“The existing building at LogistiCenter Carlisle is an excellent facility for distribution operations,” said Eugene Preston, partner, Dermody Properties East Region Office. “We look forward to quickly developing another state-of-the-art facility to complement 2 Ames Drive.”
Dermody Properties is serving as the industrial developer and operating partner, and PCCP is serving as financial partner on the project.
“We are encouraged by the very strong positive net absorption in Central Pennsylvania over the past 24 months,” said Jim Galovan, managing director of PCCP. “This momentum combined with a quality product, institutional location and a strong operating partner are what make this opportunity attractive.”
LogistiCenter is a national trademark brand, owned and developed by Dermody Properties. It represents the firm’s business philosophy of developing Class A distribution facilities that meet the supply-chain requirements of the most innovative companies. All LogistiCenter facilities are designed to meet best practices in sustainable design and construction, and incorporate building features, such as additional clear height and extra trailer and car parking, that enable companies to execute their operations more effectively and efficiently.
“Carlisle is the premier market for regional distribution in the Northeast U.S.,” said Douglas A. Kiersey, Jr., president of Dermody Properties. “So the development of LogistiCenter Carlisle fits within our strategy of developing superior industrial facilities in markets that provide our clients easy access to their customers.”
Dermody Properties was represented by Jeff Williams and Gerry Blinebury of Cushman and Wakefield of Pennsylvania, Inc. in the transaction.
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Sacramento 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. PCCP has invested more than $6.5 billion throughout the United States and continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.