News
Dermody Properties Celebrates Groundbreaking in New Jersey
Dermody Properties and Great Point Investors, LLC celebrated the groundbreaking on a new multi-tenant facility in LogistiCenter Logan, the developer’s 5.5-million-square-foot industrial park.
The facility is located at 1110 Commerce Boulevard and will total 171,600 square feet. The site is situated prominently at the entrance to LogistiCenter Logan. Construction is expected to be complete in June 2015. Upon completion, the facility will be fully operational and ideally suited for e-commerce, food and beverage, and consumer product warehousing and distribution operations. It will feature 32 feet of clear height, 106 car parking spaces and 39 trailer parking spaces.
“This facility is the first we have broken ground on as part of our new master plan for LogistiCenter Logan,” said Gene Preston, partner, Dermody Properties East Region Office. “It is the first of many groundbreakings we hope to host here in the coming years as we continue to develop industrial facilities to meet the demand in this versatile market.”
LogistiCenter Logan is located halfway between New York City and Washington, D.C., in the heart of the Northeast Transportation Corridor. This location provides exceptional access to I-295, the New Jersey Turnpike, the Pennsylvania Turnpike, I-476 and the Eastern Seaboard. Additionally, the industrial park is within 15 miles of the Delaware River ports in Camden, Philadelphia and Wilmington.
Great Point Investors is the strategic capital partner on the project, and Blue Rock Construction is serving as Dermody Properties’ construction partner. Marc Isdaner, Michael Zerbe and Mark Chubb of Colliers International are marketing the property.
Pictured from left to right: Steve Kettelberger, Blue Rock Construction; Michael Bennett, Ware Malcomb; James Mascaro and Douglas A. Kiersey, Jr., Dermody Properties; Mayor Frank Minor, Logan Township; Joseph Versaggi, Great Point Investors, LLC; Gene Preston, Dermody Properties; Marc Isdaner and Michael Zerbe, Colliers International; Rick Ricciardi, Marathon Engineering; Elizabeth Teske, Dermody Properties; and Deputy Mayor Bernadine Jackson, Logan Township.
“We are pleased to continue our involvement with both LogistiCenter Logan and Dermody Properties in continuing to bring state-of-the-art logistics space to the South Jersey market,” said Joseph Versaggi, principal, Great Point Investors. “1110 Commerce is the next phase of many planned developments in our ongoing program to meet the needs of tenants who demand highly efficient facilities.”
“Dermody Properties has strategically developed facilities in the LogistiCenter Logan park for many years,” said Douglas A. Kiersey, Jr., president, Dermody Properties. “We are pleased to continue to develop a range of best-in-class industrial facilities for a variety of customers in need of industrial space in this market.”
LogistiCenter Logan is a 1,100-acre industrial park with 11 available lots ranging from 17,000 to 1,000,755 square feet. Upon build out, the park will accommodate more than 5.5 million square feet of industrial, distribution and light manufacturing facilities. Currently, LogistiCenter Logan is comprised of several existing buildings occupied by a diverse group of tenants, including Performance Food Group, Mission Produce, Albert’s Organics, Kimberly Clark Corporation, Sears and hhgregg.
About Great Point Investors
Great Point Investors is an SEC registered real estate advisor for institutional clients. Since its inception in 1998, the firm has completed over 110 transactions in 30 different industrial and office markets. Great Point’s investment experience includes core, value-added and opportunistic investments, using a variety of investment structures including joint venture, equity and debt.