S hopping C enters S outhern N ew J ersey
Real Estate Journal — New Jersey — January 16 - 29, 2015 — 5B
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M id A tlantic
Colliers International will market the property within LogistiCenter Logan Dermody Properties begins construction on new 171,600 s/f facility in Logan, New Jersey L
with 11 available lots ranging from 17,000 to 1,000,755 s/f. Upon build out, the park will accommodate over 7.4 million s/f of industrial, distribution and light manufacturing facili- ties. Currently, LogistiCenter Logan is comprised of several existing buildings occupied by a diverse group of tenants, including Performance Food Group, Mission Produce, Al- bert’s Organics, Kimberly Clark Corporation, Sears and hh gregg. LogistiCenter is a nation- al trademark brand, owned and developed by Dermody Properties. It represents the firm’s business philosophy of developing class A distribu- tion facilities that meet the supply-chain requirements of its clients. All LogistiCenter facilities are designed to meet best practices in sustainable design and construction, and incorporate building features, such as additional clear height and extra trailer and car park- ing, that enable companies to execute their operations more effectively and efficiently. n
OGAN TWP., NJ — Dermody Properties has started construc- tion on a new multi-tenant facility in LogistiCenter Lo- gan, a 7.4 million s/f industrial park in Logan Township. The multi-tenant facility, located at 1110 Commerce Blvd., will total 171,600 s/f. Construction is expected to be complete in Summer 2015. Upon completion, the facility will be fully operational and ideally suited for e-commerce, food and beverage, and con- sumer product warehousing and distribution. It will fea- ture 32-feet of clear height, 105 car parking spaces and 39 trailer parking spaces. “Last spring we updated the master plan for LogistiCenter Logan to offer a wide variety of building sizes and configura- tions to meet the broad spec- trum of industrial demand,” said Gene Preston , partner, Dermody Properties East Re- gion Office. “It is exciting to now be starting construction on the first building in that revised master plan.” CHERRY HILL, NJ — United Realty Trust In- corporated (“URTI”) , an SEC-registered public non- traded REIT led by Jacob Frydman , acquired 7 Carn- egie Plaza in Cherry Hill, a stabilized triple-net leased medical headquarters build- ing. United Realty Trust paid $9.3 million for the 90,000 rentable s/f property, obtain- ing a first mortgage loan in the amount of $5.5 million and a mezzanine loan in the amount of $1.8 million. The one-story headquarters building is located off the NJ Tpke. twelve miles from downtown Philadelphia. The property was purchased from FRS Carnegie Plaza. LLC. The property is currently 100% leased to Fox Rehabili- tation Services, PC, a private provider of physical, occupa-
ports in Camden, Philadelphia and Wilmington. Blue Rock Construction is serving as Dermody Prop- erties’ construction partner, and Colliers International is marketing the property. Great Point Investors LLC is the strategic capital partner on the project. “We are pleased to be start- ing construction on another 1110 Commerce Blvd. rendering
LogistiCenter Logan is locat- ed halfway between New York City and Washington, DC, in the heart of the Northeast Transportation Corridor. This location provides exceptional access to I-295, the New Jersey Turnpike, the Pennsylvania Turnpike, I-476 and the East- ern Seaboard. Additionally, the industrial park is within 15 miles of the Delaware River
facility in LogistiCenter Lo- gan,” said Douglas Kiersey, Jr., president of Dermody Properties. “The demand for industrial properties across New Jersey has been on the rise, and we will continue to provide state-of-the-art fa- cilities in this highly desirable market.” LogistiCenter Logan is a 1,100-acre industrial park
United Realty Trust pays $9.3 million for 90,000 s/f rentable-medical headquarters in Cherry Hill, NJ tional and speech therapy services.
“We believe this property fits the investment profile for the income silo of URTI’s dual strategy,” said Jacob Fryd- man, CEO and chairman of URTI. “Today’s market has high demand and generally limited supply for single-ten- ant buildings of this size, and we believe we acquired the property at a favorable price relative to development cost. The property’s value should be further enhanced by its good visibility, easy access, ample parking and location near downtown Philadelphia.” “United Realty is thrilled to partner with Fox Rehabilita- tion, a well-established and expanding company that pro- vides important rehab servic- es to a growing demographic,” said Frydman. “Properties
7 Carnegie Plaza
from this property.” The 17.4 acre property pro- vides infrastructure for more
than 700 employees and in- cludes 559 onsite outdoor parking spaces. n
such as 7 Carnegie Plaza are in demand and we believe we can unlock additional value
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