Dermody, PCCP Get Busy in Pennsylvania
- Sep 18, 2015
By Keith Loria, Contributing Editor
“We focus entirely on industrial development and we develop in target markets that we think will outperform other markets over time and one of those key markets is Central Pennsylvania,” Eugene Preston, Dermody Properties’ partner, East Region, told Commercial Property Executive. “It’s because of its highway infrastructure and its proximity to a major U.S. population base in the Northeast.”
LogistiCenter at 78-81 will be located on a 43-acre site at the intersection of I-78 and I-81, making it ideal for transport in the area.
“Specifically, it affords great access all the way up to Boston and down to Baltimore, and across to New York City, that’s the main appeal,” Preston said. “The facility will allow future customers to reach consumers quickly and efficiently.”
When completed, LogistiCenter at 78-81 will be a front-load distribution building with a separate lot providing excess parking capacity. The state-of-the-art facility will also include 36 feet of clear height, 81 dock doors, 60-foot loading bays, parking for 220 cars and one extra trailer parking space per dock door.
“One of the key features that will separate this from our competition in the area is that it has a tremendous amount of trailer parking,” Preston added. “The trailer lot can also be converted into excess car parking and that gives us flexibility to chase e-commerce requirements as well as traditional warehouse distribution.”
Central Pennsylvania has been one of the premiere distribution centers since the end of World War II, and the logistics market has remained strong since the ’90s. According to Colliers’ Q2 Industrial Market Report for the area, the vacancy decreased to 5.1 percent this quarter with nearly 1.5 million square feet of absorption occurring early in the year, with a lull in activity during the second quarter.
- S. Mowery & Sons Inc. is serving as the general contractor for the project. Construction is expected to be complete in the spring of 2016.
Dermody Properties has developed and leased more than 45 million square feet of high- quality facilities to many Fortune 500 companies and other well-respected firms. PCCP has approximately $5.5 billion in assets under management on behalf of institutional investors.