Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, will begin construction this spring on a 154-acre park for a planned, three-building development in Woolwich Township, Gloucester County, New Jersey. The project will be marketed as LogistiCenter℠ at Woolwich. CBRE has been selected as the exclusive agent for the park.
Once complete, the three buildings will offer 262,200 square feet, 552,585 square feet and 336,700 square feet available for lease. The Class A, state-of-the-art facilities will each feature a 36 to 40-foot clear height, build-to-suit office space, ESFR fire protection systems, 50 to 110 dock high doors, drive-in doors and ample trailer and car parking. LogistiCenter℠ at Woolwich is located at the intersection of Route 322 and Locke Avenue in Woolwich Township. Dermody Properties will make significant improvements to the intersection in conjunction with the development of the park.
“Southern New Jersey remains a valuable alternative for many customers looking to be along Interstate-95, and the location offers tremendous access to New York City, Philadelphia, Baltimore and Washington D.C., all within a two-hour drive via major arterials,” said Gene Preston, East Region Partner at Dermody Properties. “The market continues to attract top-tier companies looking for Class A warehouse space that has become too rare to find or too expensive in Central and Northern New Jersey.”
A recent labor study done by CBRE, in conjunction with Dermody Properties, shows that there is a good balance of residents with manufacturing or distribution experience, recent high school graduates looking for entry-level roles, and college graduates looking for advanced or leadership roles, all within a 30-minute drive of this property’s location.
The same study also shows that, compared to other nearby industrial areas, Woolwich Township has less immediate competition, so the ability to retain local talent is relatively higher.
LogistiCenter℠ at Woolwich is located less than two miles from Interstate-295 and less than three miles from Interstate-95. Because of its proximity to Philadelphia and Wilmington, DE, this direct highway access will allow customers to reach 33% of the U.S. population in a single day’s drive and three million people within a 40-minute drive. Surrounding national companies include Amazon, Exxon, Target, Lineage Logistics and XPO Logistics.
“Dermody Properties is very familiar with acquisition and development in Southern New Jersey, and we’re extremely pleased that our past success in the region has afforded us this opportunity,” said Timothy Walsh, Partner and Chief Investment Officer at Dermody Properties. “We believe that Southern New Jersey will continue to flourish and we will continue to seek out strategic opportunities such as this one that best suit our current and future customers.”
Dermody Properties has a history of success in the region, exemplified in part by the development of LogistiCenter℠ at Logan, a Class A business park with more than 5.5 million square feet of warehouse, distribution and manufacturing space that is also located in Southern New Jersey.
Mindy Lissner, Drew Green, Paul Touhey, Dan McGovern and David Gheriani of CBRE are the leasing brokers for the project.https://dermody.com/news/dermody-properties-to-develop-a-three-building-logistics-park-in-new-jersey/