Dermody Breaks Ground on 2 Northeast Industrial Facilities
- Apr 10, 2015
Dermody Properties has broken ground on two northeast industrial facilities: a new multi-tenant facility in LogistiCenter Logan, the developer’s 5.5-million-square-foot industrial park in Southern New Jersey; and the final building in LogistiCenter Carlisle, the developer’s 1.3-million-square-foot industrial park in Carlisle, Penn.
“These are new state-of-the-art, e-commerce compliant buildings in markets with very little supply,” Gregory Arnold, Dermody Properties’ partner, told Commercial Property Executive. “As you know, a significant part of today’s demand for industrial warehousing is e-commerce. Today’s logistic strategy, with same day or next day delivery, requires the product to be closer to the major population densities, which is the northeast.”
Located at 1110 Commerce Blvd., the Logan Township property is a multi-tenant facility that will total 171,600 square feet and is expected to be complete in June of 2015. The facility is targeting e-commerce, food and beverage, and consumer product warehousing and distribution. It will feature 32 feet of clear height, 106 car parking spaces and 39 trailer parking spaces.
For the Carlisle property, Dermody Properties and its partner PCCP broke ground at 1 Ames Drive on a 602,250-square-foot facility, which will feature 36 feet of structural clear height, 142 loading docks, 187 car parking spaces and 93 trailer parking spaces. It is expected to be complete in September of 2015.
“Our strategy throughout the country has been to build state-of-the-art facilities and make investments in highly desirable, strategically advantage logistics markets,” Douglas Kiersey, Dermody Properties’ president, told CPE.
According to Arnold, vacancy rates across the U.S. have been dropping, specifically more in the Northeast, where there had been virtually no development for three to four years after the Recession of 2008. These properties were needed due to increased customer demand combined with lack of supply.
“Central Pennsylvania is primarily northeast super regional distribution facilities, and secondarily, serves the vast greater NYC market from a more economical location,” he concluded. “Logan has experienced local port and market user demand.”