O wners , D evelopers & M anagers

M id A tlantic Real Estate Journal — March 19 - April 15, 2021 — 3A


Construction begins this spring on a 154-acre park in Woolwich Twp., Gloucester County, NJ Dermody Properties to develop a three-building logistics park in New Jersey

HI-LIGHTS March 19 - April 15, 2021 erties will begin construction this spring on a 154-acre park for a planned, three-building development in Woolwich Twp., Gloucester County. The project will be marketed as LogistiCenter at Woolwich. Once complete, the three buildings will offer 262,200 s/f, 552,585 s/f and 336,700 s/f available for lease. The class A, state-of-the-art facilities will each feature a 36 to 40- ft. clear height, build-to-suit W O O L W I C H TOWNSHIP, NJ — Dermody Prop- REDCOM celebrates groundbreaking ceremony

for many customers looking to be along I-95, and the location offers tremendous access to New York City, Philadelphia, Baltimore and Washington DC, all within a two-hour drive via major arterials,” said Gene Preston , East Region partner at Dermody Proper- ties. “The market continues to attract top-tier companies looking for class A warehouse space that has become too rare to find or too expensive in Central and Northern NJ.” A recent labor study done by CBRE, in conjunction with Dermody Properties, shows that there is a good balance of residents with manufactur- ing or distribution experience, recent high school graduates looking for entry-level roles, and college graduates looking for advanced or leadership roles, all within a 30-minute drive of this property’s location. The same study also shows

that, compared to other nearby industrial areas, Woolwich Township has less immediate competition, so the ability to retain local talent is relatively higher. LogistiCenter at Woolwich is located less than two miles from-295 and less than three miles from I-95. Because of its proximity to Philadelphia and Wilmington, DE, this direct highway access will al- low customers to reach 33% of the U.S. population in a single day’s drive and three million people within a 40-minute drive. “Dermody Properties is very familiar with acquisition and development in Southern New Jersey, and we’re extremely pleased that our past success in the region has afforded us this opportunity,” said Timothy Walsh , partner and Chief Investment Officer at Dermody Properties. MAREJ

LogistiCenter at Woolwich Master siteplan

office space, ESFR fire protec - tion systems, 50 to 110 dock high doors, drive-in doors and ample trailer and car parking. LogistiCenter at Woolwich is located at the intersection of Rte. 322 and Locke Ave. in

Woolwich Twp. Dermody Prop- erties will make significant improvements to the intersec- tion in conjunction with the development of the park. “Southern New Jersey re- mains a valuable alternative

Patterson-Woods Commercial Props./CORFAC International facilitates sale of multi-family Building in Wilmington, DE

in a position where they had excess housing during the CO- VID-19 crisis, and the buyers wanted to expand their Wilm- ington investment portfolio. Be- cause of the cooperative nature of both parties, we were able to complete the transaction in a smooth and timely manner,” said Moore. The new owners plan to renovate the building in 2021. The unique 1917/1919 exterior façade will be preserved while the 42 apartments undergo renovations. Additionally, updates will be made to the King Street lobby and common areas. The apartments will feature one-bedroom and two- bedroom units, many of which are two level. Some will have access to a courtyard. Since its establishment in 2014, Yada Properties has ex- panded its portfolio with care- fully selected strategic acquisi- tions and a hands-on manage- ment approach. The company owns and operates rental apart- ments in more than a dozen apartment buildings. MAREJ

WILMINGTON, DE — Patterson-Woods Commer- cial Properties/CORFAC International , a full-service commercial real estate pro- vider serving the Mid-Atlantic market, announced the com- pletion of the sale of a com- mercial building located at 521 NKing St. inWilmington, DE. The building, which sits on 0.24 acres running from King St. to Market St. measures 42,048 s/f and is five stories high with 42 apartment units of various layouts. The property was sold by Delaware College of Art & Design (DCAD) to Yada Properties of New Jersey. CBRE represented DCAD in the transaction. Yada Proper- ties is a real estate investment and full-service property man- agement firm that operates throughout Delaware andNew Jersey with a primary focus in the multi-family sector. Chris Moore, CCIM , a principal at Patterson-Woods, represented the buyer in this transaction. According to Jean

Avison Young announces completion of $18M transformation 14A


Heritage celebrates grand opening of 210 Main in Downtown Hackensack

521 N King St. in Wilmington, DE

Dahlgren , DCAD president, “Chris was not only instru- mental to helping us navigate the complexities of the due diligence process but was also a real pleasure to work with.” The building was formerly Mullins Men’s clothing store, which eventual ly became

Miller’s Furniture, before be- ing converted to apartments in 1986. These apartments, known as the Saville Apart- ments, were most recently used as student housing for DCAD, along with a student lounge. “The sellers found themselves



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