Nevada-based Dermody Properties continues to grow its industrial portfolio in Central Pennsylvania.
In a joint venture with PCCP LLC, an investment management firm with offices in New York, Los Angeles and San Francisco, Dermody has acquired a 43-acre parcel in the Gateway Logistics Park at the Interstate 78/81 split in Union Township, Lebanon County.
“We are looking forward to increasing our footprint in Central Pennsylvania with LogistiCenter78-81, as well as continuing our excellent partnership with PCCP,” said Gene Preston, Dermody’s eastern region partner.
A 405,000-square-foot speculative distribution building is being constructed, according to Dermody.
Plymouth Meeting-based Vision Group Ventures, the firm that created the master plan for the 1.85 million-square-foot park, sold the development-ready site.
Dermody paid $5 million for the parcel, according to a release from Colliers International, the firm that represented it in the purchase. CBRE represented Vision in the sale.
With a 500,000-square-foot facility already under construction in the park from Clarion Partners and MRP Industrial, the only available parcel left in the park is an 8-acre pad for a hotel or restaurant, said Jeffery Camp, Vision’s co-managing director.
The distribution center, which will be marketed to a single tenant, is expected to be done by spring 2016 with R.S. Mowery and Sons Inc. of Silver Spring Township on as the contractor.
Construction costs were not immediately available.
Dermody uses the LogistiCenter branding on other projects. It has facilities nearby on I-78 in Berks County and in the Carlisle area.