Dermody Properties and PCCP announce plans for 475,800 s/f development
FORKS TWP., PA — Dermody Properties, a national industrial development and operating company headquartered in Reno, NV., and PCCP, an integrated real estate finance and investment management firm, recently announced plans to develop a 475,800 s/f industrial facility at 4200 E. Braden Blvd. in Forks Twp. in Lehigh Valley.
Dermody Properties will start construction on the facility, known as LogistiCenter at 33, in the fourth quarter of 2015 and expects to complete construction in mid-2016. Upon completion, LogistiCenter at 33 will feature 36 feet of clear height, 226 car parking spaces and 85 trailer parking spaces. “Lehigh Valley is a highly desirable industrial market,” said Gene Preston, partner, Dermody Properties East Region Office. “We look forward to expanding our presence there with the addition of a state-of-the-art industrial facility at the site in Forks Twp.” LogistiCenter at 33 is ideally suited for warehouse, distribution and manufacturing operations. The facility is centrally located in the heart of Lehigh Valley near such corporate neighbors as Weyerhaeuser, Crayola, Victaulic and Mondelez, and is within minutes of Interstate 78 and Rte. 33 via the new Main St. interchange just west of the site. Dermody Properties is the industrial developer and operating partner, and PCCP is the financial partner on the project. “PCCP sees this as a compelling opportunity to develop a class A industrial facility with Dermody Properties, a best-in-class developer,” said John Randall, managing director with PCCP. “Additionally, the local industrial market incorporates all of the key fundamentals that promise to attract large user interest. Our goal is to pre-lease the property prior to completion of construction.” “Dermody Properties has been developing facilities for lease and build-to-suit in the Pennsylvania markets for many years,” said Douglas Kiersey, Jr., president, Dermody Properties. “We are pleased to expand our investment in this market, and specifically in Lehigh Valley, with the addition of LogistiCenter at 33 to our portfolio.”
About Dermody Properties Dermody Properties is a privately held, industrial real estate development company. Founded and headquartered in Reno, Nev., the company has a national development reach, served by its regional offices in Chicago, Northern New Jersey, Phoenix, and Seattle. Over its 50-year history, the company has developed and leased more than 45 million square feet of high quality facilities to many Fortune 500 companies and other well-respected firms. To learn more about Dermody Properties visit Dermody.com. LogistiCenter is a national trademark brand, owned and developed by Dermody Properties. It represents the firm’s business philosophy of developing Class A distribution facilities that meet the supply-chain requirements of the most innovative companies. 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 parking, that enable companies to execute their operations more effectively and efficiently. About PCCP, LLC PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $5.5 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $10.5 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.