News
Dermody Properties Breaks Ground on 750,000-Square-Foot Facility in Berks Park 78
BETHEL TOWNSHIP, Penn. – On July 15, Dermody Properties and Granite Real Estate Investment Trust (Granite), a Canadian-based Real Estate Investment Trust (REIT) engaged in the ownership and management of predominantly industrial and logistics properties in North America and Europe, broke ground on a new industrial development in Bethel Township, Penn. The facility is located at 41 Martha Dr. in Berks Park 78, just off Exit 13 in the heart of the PA I-81/I-78 Industrial Corridor.
“We are excited to begin construction on this development,” said Gene Preston, partner, Dermody Properties East Region Office. “This facility will provide superior solutions for distribution and warehousing operations, and the location is ideal for companies that need to reach the northeastern U.S. consumer and business markets quickly and efficiently.”
Upon completion, the building will be a 750,000-square-foot, state-of-the-art industrial warehousing and distribution facility. It will be well suited for distribution or e-commerce operations, featuring 36’ clear height, 316 car parking spaces and 322 trailer parking spaces.
Dermody Properties is serving as the developer and operating partner, and Granite is serving as the majority equity partner on the project.
State Senator David Argall and Randall Haag, Chairman of the Bethel Township Board of Supervisors were on site to celebrate the groundbreaking. Also participating in the groundbreaking were: Tom McKeon, Executive Director, Berks County Industrial Development Authority; Tom Heslip, Chief Executive Officer, John De Aragon, Executive Vice President, Real Estate Investments and Mario Pecile, Vice President, Construction of Granite REIT; and representatives from the Office of Senator Toomey, the Office of Senator Casey, Dermody Properties and Blue Rock Construction.
Berks Park 78 is a 323-acre industrial business park located directly off Interstate 78. The industrial park is planned for a total build-out of 3.1 million square feet. Dollar General and PetSmart both have existing distribution facilities in Berks Park 78.
“We are making investments and developing facilities in highly desirable, strategically advantaged markets across the country,” said Douglas A. Kiersey, Jr., president of Dermody Properties. “The central and eastern Pennsylvania market is one we’re committed to, and we believe Berks Park 78 is one of the premier industrial parks in that market.”
The site provides an excellent labor supply for distribution and warehouse operations, and has Local Economic Revitalization Tax Assistance (LERTA) status, offering tenants reduced real estate taxes over a 10-year period. The property is being marketed to prospective tenants by Gerry Blinebury, Pat McBride and Adam Campbell of Cushman and Wakefield of Pennsylvania, Inc.
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 30 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.
Forward-Looking Statements
This press release may contain statements that constitute ‘‘forward-looking statements’’ or “forward-looking information” within the meaning of applicable securities legislation. These statements may include, among others, statements regarding future plans and expectations regarding the Berks Park 78 project. Words such as ‘‘will’’, ‘‘plan’’ and similar expressions are used to identify such statements. Such statements are based on assumptions and are subject to risks and uncertainties that could result in actual events or results differing materially from them. Assumptions underlying such statements and important factors that could cause such differences include, but are not limited to, the risks set forth in the annual information form of Granite REIT and Granite REIT Inc. dated March 5, 2014.