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Glen-Gery sells manufacturing plant to national real estate firm
Ioannis Pashakis//January 18, 2022
National logistics real estate firm, Dermody Properties, announced its intentions to build a 342,710-square-foot warehouse at the site of Glen-Gery’s brick manufacturing plant in York.
Dermody announced on Tuesday that it acquired the 29.5 acres of land from Glen-Gery Corp. in April.
The company intends to lease the facility back to the Wyomissing-based brick and stone manufacturer for two years, after which it will redevelop the site into a state-of-the-art warehouse it refers to as the “LogistiCenter.”
The new LogistiCenter will take advantage of the property’s proximity to I-83, according to Dermody.
“This is a rare opportunity to build a new warehouse in an infill location with access to a newly constructed interchange,” said Robert Borny, east region partner at Dermody Properties. “The York submarket continues to be one of the best-performing submarkets in Central Pennsylvania.”
“Though redevelopment of the site will not happen for some time, industrial vacancies are expected to remain minimal for several years as consumers continue to respond to e-commerce trends,” said Tim Walsh, partner and chief investment officer at Dermody Properties. “We appreciate the opportunity to work with Glen-Gery on the acquisition of this project and look forward to being able to offer it to our customers.”
