Dermody Properties Acquires 91 Acres
Dermody Properties, a national industrial development firm, announced today the purchase of 91 acres on Lemmon Drive near Highway 395 in northern Reno, Nev. The site will be the location of a three-building, master-planned industrial park, known as LogistiCenter 395.
Dermody Properties will break ground on a 624,000 square foot speculative warehouse/distribution building, which will be the first major development of its scale in Nevada since 2008. The building is planned to be delivered in 2014. United Construction Company of Reno will construct the project.
“The development of LogistiCenter 395 is consistent with our strategy of developing modern distribution facilities in markets, such as Reno, that have sustainable demand drivers,” said Douglas A. Kiersey, Jr., president of Dermody Properties. “Our target customers are seeking easy access to West Coast consumers, as well as market-leading building functionality.”
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.
“LogistiCenter 395 is the best location in Reno for distribution companies, especially those in the e-commerce industry,” said Brendan Egan, director of development, Dermody Properties West Region Office. “This master-planned park offers immediate access to Highway 395 and close proximity to I-80 and the Reno-Tahoe International Airport. Reno is also centrally located within the Western U.S., making one-day delivery to the majority of West Coast consumers possible.”
“Northern Nevada is where our roots are and has always been an excellent location for distribution and e-commerce fulfillment operations,” said Michael Dermody, chairman and CEO of Dermody Properties. “We know that we will be able to develop a state-of-the-art industrial facility for the customer looking for a strategic edge that is close to a dependable labor base.”
CBRE represented Dermody Properties in the transaction.