Dermody to Develop 1 MSF Logistics Park in Metro Philadelphia
The three-building property in Gloucester County, N.J., will get underway this spring, with CBRE responsible for leasing.
Image by falco via Pixabay.com
Dermody Properties plans to start construction this spring on LogistiCenter at Woolwich, a three-building, 1.2-million-square-foot logistics park in Woolwich Township, Gloucester County, N.J.
READ ALSO: Top 10 Markets for Industrial Transactions in 2020
The three Class A buildings will be of 552,585; 336,700; and 262,200 square feet and will feature 36- to 40-foot clear heights, build-to-suit office space, ESFR fire protection systems, 50 to 110 dock-high doors, drive-in doors, as well as ample trailer and car parking.
The location is at the Woolwich Township intersection of Route 322 and Locke Avenue. In conjunction with the 154-acre park’s development, Dermody plans to make significant improvements to the intersection.
The site is less than 2 miles from I-295 and less than 3 miles from I-95. This easy highway access reportedly will allow customers to reach 33 percent of the U.S. population in a single day’s drive.
Dermody did not reply to Commercial Property Executive’s request for additional information.
CBRE has been selected as the park’s exclusive agent, with brokers Mindy Lissner, Drew Green, Paul Touhey, Dan McGovern and David Gheriani handling leasing activities.
The virtues of South Jersey
Southern New Jersey is an attractive alternative for companies that want Class A warehouse space, but find that it’s too rare or too costly in Central and Northern New Jersey, Gene Preston, East Region partner at Dermody Properties, said in a prepared statement.
The Gloucester County warehouse/distribution space market has a 3.8 percent total vacancy and 4.9 percent total availability, on an inventory of about 26.1 million square feet, according to a fourth-quarter report from JLL.
About 960,000 square feet of space was delivered in the submarket in 2020, all of it in the fourth quarter, and nearly 1.3 million is currently under construction, JLL reported.
Last May, when Dermody delivered its LogistiCenter at Speedway, in North Las Vegas, the 251,800-square-foot property was already 30 percent leased.
On the other side of the ledger, in June, Dermody and partner PCCP sold LogistiCenter at 33, in Easton, Pa., to Black Creek Group. The 475,800-square-foot property went for $62.5 million.
You must be logged in to post a comment.