News
Groundbreaking on 624,000 SF Facility in Northern Nevada
From left to right: Craig Willcut – United Construction, Doug Kiersey – Dermody Properties, Michael Russell – United Construction, Eric Bennett – CBRE, Patrick Gallagher – Dermody Properties, Michael Dermody – Dermody Properties, Governor Brian Sandoval – State of Nevada, Melanie Gangel – PCCP, Todd Jarman – BBVA Compass Bank, Mayor Bob Cashell – City of Reno, Mayor Geno Martini – City of Sparks, Brendan Eagan – Dermody Properties
On March 25, Dermody Properties and PCCP LLC held a groundbreaking for a 624,000 square foot warehousing and distribution building in its new LogistiCenter 395 industrial park in Reno, NV. Nevada Governor Brian Sandoval participated in the celebration to commemorate the major investment in northern Nevada.
The building is the first phase of Dermody Properties’ new development LogistiCenter 395, a 91-acre, three-building, master-planned industrial park. Located on Lemmon Drive near Highway 395 in northern Reno, the facility will be built by United Construction Company of Reno. Construction is expected to be complete in Fall of 2014.
The facility will feature 36’ clear height as well as extra trailer and car parking to accommodate e-commerce companies, which are driving space requirements for industrial development across the country. The building will be the first facility in the LogistiCenter 395 industrial park, which upon completion will total 1.2 million square feet.
“Expanding to serve more customers is always special for us, especially in Nevada,” said Michael Dermody, chairman and CEO of Dermody Properties. “In today’s resurging economy, our clients are looking more and more for good value. That has been the foundation of our company and of northern Nevada.”
“The cornerstone that this company was founded upon is as true today as it was 50 years ago: great geographic location, great workforce and great partners,” Dermody concluded.
LogistiCenter 395 offers immediate access to Highway 395 and excellent proximity to I-80 and the Reno-Tahoe International Airport. Its location makes one-day delivery to the majority of West Coast consumers possible, making it an especially desirable location for e-commerce fulfillment centers.
“Because of our proximity to the entire western U.S., northern Nevada has always been a great location for logistics facilities,” said Patrick Gallagher, partner, Dermody Properties. “LogistiCenter 395 will be a premier industrial park in one of the best locations in this highly sought after region.”
PCCP LLC is Dermody Properties’ strategic capital partner on the project. This will be their third development together. CBRE is representing LogistiCenter 395 as the property’s broker.
“We are pleased to partner with Dermody Properties, an experienced and best-in-class developer/operator with a deep level of knowledge of the local market,” stated Jim Galovan, managing director with PCCP. “This project will address pent up demand as there have been no new big box speculative buildings developed in the area since 2008, and there is a shortage of space in excess of 150,000 square feet.”
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.
About PCCP, LLC
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Sacramento and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $9 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.