A — May 25 - June 7, 2012 — Mid Atlantic Real Estate Journal
www.marejournal.com M id A tlantic R eal E state J ournal Landmark’s Grace represents lessee in transaction Dermody Properties leases 12,000 s/f to Vetsource in PA
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H
arrisburg , PA — Dermody Properties, parent company of DP
Partners, announced that Vet- Source has leased 12,000 s/f of space in DP’s LogistiCourt at 7917 Derry St. The Dermody Properties team worked with VetSource throughout the transaction and included John Atwell, COO and director of develop- ment and, from DP’s East- ern Regional Office, Stephen Bailey, RLA, CCIM, partner; Matthew Marshall, associate partner; and James VMasca- ro, CCIM, LEED-AP, director
for more information
LogistiCourt at 7917 Derry St.
800-584-1062/781-871-5298
of development. “We looked at several sites, and Dermody Properties’ Lo-
gistiCourt at Derry Street best suited our needs,” said Kurt Green, president and CEO of VetSource. “The location al- lows us to quickly reach our East Coast customers, and Dermody Properties has been very accommodating to our needs. This relocation enables us to work with increased efficiency while being cost-ef- fective.” The representative for VetSource was Jason Grace, CCIM, SIOR, vice president of sales and leasing at Land- mark Commercial Realty’s Harrisburg office. Represent- ing Dermody Properties was Julie Trogner, vice president of industrial services at Jones Lang LaSalle’s Philadelphia office. n NorthMarq Capital arranges $4 million mortgage for CVS Washington, DC — NorthMarq’s New Jersey of- fice recently closed a $4 million loan for the acquisition of a CVS in Washington, DC. The borrower worked with Greg Nalbandian, managing director of NorthMarq’s NJ office, to finance this loan through a regional bank. “The borrower, a very expe- rienced national single-tenant investor, took advantage of its longstanding relationship with CVS and extended the lease during due diligence from 7 years to 25 years, with a corporate guarantee on the new lease and also increased CVS’s rent by $90,000. Recog- nizing this significant value creation, the Bank was will- ing to lend aggressive, non- recourse proceeds at 80% of purchase price and 65% loan to value along with a three- year interest-only period and aggressive fixed prepayment structure with the final two years open at par,” said Nal- bandian. n
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