Dermody Properties Announces Two Land Acquisitions for Development in New Jersey
We recently announced the acquisition of two parcels of land for development in the company’s East Region: LogistiCenter℠ at Lumberton in Lumberton and LogistiCenter℠ at Mt. Laurel in Mt. Laurel.
LogistiCenter℠ at Lumberton is a planned, 429,200-square-foot logistics facility located on 40.5 acres at 1791 Route 38. Site work is underway and the building is expected to be completed by March 2024. The LEED-certified logistics facility will include two drive-in doors, 58 dock high doors, a 36’ clear height and build-to-suit office space. The building’s 56 trailer parking stalls are also expandable to 228 total parking stalls.
LogistiCenter℠ at Mt. Laurel is a planned, 190,470-square-foot logistics facility on 31 acres at 2001 Briggs Road. Construction is set to commence in Fall 2023 and be completed by Fall 2024. The location offers convenient access to I-295 as well as the Center City District of Philadelphia, giving it a competitive advantage over other industrial facilities in the area.
“In such a challenging market, we feel very fortunate to be in a position to acquire properties such as these and expand our footprint within New Jersey,” said Rob Borny, East Region Partner at Dermody Properties. “Both projects will be state-of-the-art, Class A facilities that offer prime access to New Jersey’s strong labor pool, which is one of the most important factors for companies looking for warehouse and distribution space.”
In the past five years, Burlington County has been one of the most active submarkets in New Jersey with regard to leasing activity. This location is ideal for distribution to more than one third of the U.S. population within a one-day drive.
LogistiCenter℠, a nationally trademarked brand owned and developed by Dermody Properties, represents the company’s business philosophy of developing Class A distribution and logistics facilities that meet the supply-chain requirements of the most innovative companies.