O wners , D evelopers & M anagers

Real Estate Journal — Section B


M id A tlantic

Portfolio consists of 29 residential buildings with 441 apartments in Richmond, VA The Davis Companies acquires River City Renaissance Apartment Portfolio for $37.35m R

HI-LIGHTS M ay 2 9 - J une 11, 2015 This purchase marks TDC’s first entry into the Richmond market. TDC owns and man- ICHMOND, VA — The Davi s Com- panies (TDC) an- nounced its $37.35 million acquisition of the River City Renaissance portfolio. The portfolio consists of 29 residen- tial buildings with 441 apart- ments located in Richmond’s Fan and Museum districts, the city’s most desirable resi- dential areas and one of the largest intact 19th and early 20th century neighborhoods in the country.

op and operate the residences. Spy Rock and its principals, Andrew Basham and Tay- lor Williams , have developed over 2,500 multifamily units in Virginia including large- scale renovations of historic era buildings and new luxury communities. Andrew Basham said, "This is truly irreplaceable real estate. The continued growth of the Midtown Richmond area coupled with its high barriers to entry make this project especially unique. We are pleased to have the opportunity to work with The Davis Companies and to continue our partnership with Bonaventure.” The residences are currently 70% occupied. TDC has ap- pointed Bonaventure Prop- ertyManagement Services as the onsite property manager. n northeastern United States. Located only one mile off of Interstate 81, the industrial park is within one day’s Dr. of approximately 40 percent of the U.S. population. This region affords vital access to many global markets, includ- ing Canada. This strategic location has attracted many household brand names to the area. “When we purchased the land and existing building here in late 2013, we knew that with the right buildings this location would be ideal for companies that need to reach their northeast custom- ers quickly and efficiently,” said Douglas Kiersey, Jr. , president, Dermody Proper- ties. “We’re pleased to now be starting construction on the final state-of-the-art facility in LogistiCenter Carlisle.” Blue Rock Construction is serving as Dermody Proper- ties’ construction partner, and Gerry Blinebury and Adam Campbell of Cushman & Wakefield are marketing the property. n

ages commercial and multi- family properties in the East, including Washington, DC, and has a long history of repo- sitioning historic commercial office buildings and multifam- ily residences throughout the Eastern US. The Davis Companies’ man- aging director, and Richmond native, Quentin Reynolds

said, “We’re delighted to be able to enter the Richmond market by identifying these ideally located properties in a unique distressed situa- tion. We are eager to bring our expertise to the area with this distinctive opportunity to reposition buildings with such historic appeal and intrinsic quality.”

The buildings are in need of renovation. TDC plans to invest significant capital in order to perform exterior and interior improvements to the residences. Work is scheduled to begin immediately and be fully complete by summer 2016. TDC is partnering with Richmond based Spy Rock Real Estate Group to devel-

Blinebury and Campbell of Cushman & Wakefield are marketing the property Dermody Properties breaks ground on final building in 1.3 MSF Industrial Park in Carlisle C


ARLISLE, PA — Der- mody Properties , a national industrial de- velopment firm headquartered in Reno, NV, together with PCCP, LLC (PCCP), an inte- grated real estate finance and investment management firm, recently broke ground on a second facility in LogistiCenter Carlisle, a 1.3 million s/f indus- trial park in Carlisle. Dermody Properties and PCCP broke ground at 1 Ames Dr. on April 9. The 602,250 s/f facility will feature 36 feet of structural clear height, 142 loading docks, 187 car parking spaces and 93 trailer parking spaces. It is available for lease and is expected to be complete in September 2015. Improve- ments to the industrial park’s first building, a 700,000 s/f facility located at 2 Ames Dr., were completed in Fall 2014, and the facility is currently fully leased to Amazon. “LogistiCenter Carlisle is a premier industrial park in a premier Northeast distribution market,” said Gene Preston , partner, Dermody Properties


Eisenhower Corporate Campus achieves LEED Silver Certification from the USGBC

1 Ames Dr.

in the heart of the Central Pennsylvania class A bulk warehouse market and is ac- cessible from multiple eastern seaboard ports, making it a prime strategic distribution location,” saidMelanie Gangel, vice president, PCCP, LLC. “We are very pleased with the progress of this project and the benefits its future tenants will enjoy.” LogistiCenter Carlisle is centrally located within the

East Region Office. “We are ex- cited to begin the last phase of development in LogistiCenter Carlisle and look forward to developing another state-of- the-art facility to complement the Amazon facility at 2 Ames Dr..” Dermody Properties is serv- ing as the industrial developer and operating partner, and PCCP is serving as financial partner on the project. “The property is well-located


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