Dermody Property to Create Industrial Park in Central Pennsylvania; Chesterbrook Shopping Center Sold for $8.9 Million

Industrial development company Dermody Partners of Reno, NV, and its financial partner PCCP recently acquired a 107-acre parcel in Central Pennsylvania, from Texas-based builder Trammel Crow Co.

Industrial development company Dermody Partners of Reno, NV, and its financial partner PCCP recently acquired a 107-acre parcel in Central Pennsylvania from Texas-based developer Trammel Crow Co.

LogistiCenter Carlisle

According to an official statement from Dermody, the former Mountain Creek Distribution Center—now known as LogistiCenter Carlisle—will be transformed into a 1.3-million-square-foot leasable industrial park. The property located at 2 Ames Drive in Carlisle already features a 700,000-square-foot building (pictured) immediately available for lease as a potential distribution operations facility. Dermody will break ground on a 602,250-square-foot building based on the leasing progress of the existing building, the press release said.

“The existing building at LogistiCenter Carlisle is an excellent facility for distribution operations,” said Eugene Preston, partner, Dermody Properties East Region Office. “We look forward to quickly developing another state-of-the-art facility to complement 2 Ames Drive.”

In other commercial real estate news, the Philadelphia Business Journal reports that the foreclosed Chesterbrook Shopping Center in Wayne was acquired at an auction by its lender, U.S. Bank, which was the only bidder. The bank, which went by the name 500 Chesterbrook Boulevard LLC, was the only bidder and purchased the half-vacant shopping center for $8.9 million.

Previously owned by Chesterbrook Village Center Association, the 122,216-square-foot retail complex was built in 1981. Its anchor tenant, Genuardi’s, occupied nearly 40,000 square feet of space within the complex until August 2010, which led to a drastic drop in the number of shoppers.

 

LogistiCenter Carlisle image via Dermody Partners