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Dermody Properties Sells 100,000 SF in Harrisburg
Dermody Properties Sells 100,000 SF to Select Capital Commercial Properties
PHILADELPHIA, Penn. — Dermody Properties, a leading national private industrial development firm, recently announced the sale of a 100,000 SF light industrial building located in Harrisburg, Penn. to Select Capital Commercial Properties, Inc.
The building is located at 7917 Derry Street in the heart of the largest industrial sub-market in the Philadelphia region. It is currently 92 percent leased to seven tenants, including DHL Express, Pyramid Construction and United Hospital Services.
“The sale of the building fits our strategy of recycling capital into development opportunities in key distribution markets in the U.S.,” said Douglas A. Kiersey, Jr., president of Dermody Properties. “We were pleased to work with Select Capital on this transaction, which benefited both parties.”
With 35 percent of the U.S. population within a one-day drive, the location offers a strong advantage for tenants looking to capitalize on the area’s exceptional transportation and shipping hub access.
“The property’s location provides logistical efficiencies and excellent market access,” said Gene Preston, partner, Dermody Properties’ East Region Office. “The property really fit the needs of Select Capital, and we were pleased to partner with them for this transaction.”
“Dermody Properties was very successful positioning this property with a strong tenant mix and good market visibility,” said John Ortenzio, president, Select Capital Commercial Properties, Inc. “That being the case, this acquisition is a good fit with our existing properties in the Harrisburg area. Dermody Properties’ team was great to work with on this transaction, and we would welcome the opportunity to work with them again.”
Julie Trogner, associate broker at Jones Lang LaSalle, represented Dermody Properties, and Jason Grace of Landmark Commercial Realty, Inc. brokered the transaction on behalf of Select Capital Commercial Properties, Inc.