LOGAN TOWNSHIP, NJ—(SBN)—Spec construction is alive and well in the New Jersey industrial space.
Dermody Properties and partner Great Point Investors held a “groundbreaking” ceremony for its new multi-tenant facility in LogistiCenter Logan, the developer’s 5.5-million-square-foot industrial park.
Executives from both firms marked the building’s progress with a ceremonial photo and silver shovels—even though all four exterior walls are already erected on a muddy parcel near the entrance to the park. The firms blamed the harsh and prolonged winter for the unusual timing of the groundbreaking.
Hear an exclusive State Broadcast News audio news report about the new facility in the player below.
The facility is located at 1110 Commerce Boulevard and will total 171,600 square feet. The site is situated prominently at the entrance to LogistiCenter Logan. Construction is expected to be complete in June 2015. Upon completion, the facility will be fully operational and ideally suited for e-commerce, food and beverage, and consumer product warehousing and distribution operations. It will feature 32 feet of clear height, 106 car parking spaces and 39 trailer parking spaces.
“It’s really designed to accommodate one or two or maybe even three tenants,” said Gene Preston, partner, Dermody Properties East Region Office. “We think we are likely to wind up with maybe one or two tenants. It is the first of many groundbreakings we hope to host here in the coming years as we continue to develop industrial facilities to meet the demand in this versatile market.”
“There’s a lot of demand for class-A industrial space in Logan Township, and we’re meeting that demand by constructing this building,” Douglas A. Kiersey, Jr., president, Dermody Properties, tells SBN in an exclusive interview. “We are pleased to continue to develop a range of best-in-class industrial facilities for a variety of customers in need of industrial space in this market.”
LogistiCenter Logan is located halfway between New York City and Washington, D.C., in the heart of the Northeast Transportation Corridor. The site is just minutes from Interstate 295 and the New Jersey Turnpike, and is close to the Pennsylvania Turnpike, I-476 and the Eastern Seaboard. Additionally, the industrial park is within 15 miles of the Delaware River ports in Camden, Philadelphia and Wilmington.
“We have the largest industrial parks on the eastern seaboard and in the state of New Jersey,” Logan Township Mayor Frank Minor tells SBN exclusively. “We pride ourselves on being a business-friendly community, and we’ve done, we feel, a good job of creating that.”
Great Point Investors is the strategic capital partner on the project, and Blue Rock Construction is serving as Dermody Properties’ construction partner. Marc Isdaner, Michael Zerbe and Mark Chubb of Colliers International are marketing the property.
“We are pleased to continue our involvement with both LogistiCenter Logan and Dermody Properties in continuing to bring state-of-the-art logistics space to the South Jersey market,” said Joseph Veraggi, principal, Great Point Investors. “1110 Commerce is the next phase of many planned developments in our ongoing program to meet the needs of tenants who demand highly efficient facilities.”
LogistiCenter Logan is a 1,100-acre industrial park with 11 available lots ranging from 17,000 to 1,000,755 square feet. Upon build out, the park will accommodate more than 5.5 million square feet of industrial, distribution and light manufacturing facilities. Currently, LogistiCenter Logan is comprised of several existing buildings occupied by a diverse group of tenants, including Performance Food Group, Mission Produce, Albert’s Organics, Kimberly Clark Corporation, Sears and hhgregg.