Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, is pleased to announce the acquisition of 50 Knickerbocker Road, a +/-72,045-square-foot warehouse on 2.95 acres of land in the Bergen County township of Moonachie. Dermody Properties plans to transition the building from a manufacturing and warehouse facility to a traditional warehouse in a Class A+ location. Capital improvements will include repaving the truck court and parking areas, installing all-new dock packages and a full renovation to existing office space. Dermody Properties closed on the property on June 29. It will be available for lease in Q4 of 2021.
“This investment offers a rare value-add opportunity in the nationally recognized Meadowlands submarket, which is currently lacking in available space or developable land,” said Gene Preston, East Region Partner for Dermody Properties. “This is a highly competitive submarket, and the property’s location provides excellent regional access throughout New Jersey and the tri-state area.”
The property is located 3.5 miles north of Interstate-95 (NJ Turnpike) and 8 miles from the George Washington Bridge and Lincoln Tunnel. The property also has convenient access to Interstate-80, Interstate-78 and Routes 17 and 46. The building features eight dock high doors with the option to add a ninth, a 20’ clear height, 62 surface parking spaces, ample electric capacity, and a two-floor office space totaling 9,388 square feet. A new roof was installed in 2016.
“The Meadowlands submarket is extremely valuable to our customers because of its proximity to Manhattan and many densely populated areas of New Jersey, providing access to millions of consumers and thousands of businesses,” said Tim Walsh, Chief Investment Officer at Dermody Properties. “Many companies that are based in the Meadowlands require quick access to their customers that cannot be served by moving further west or south in New Jersey.”
Gary Stein from Savills, and Craig Engelhardt and Steve Korfiatis from Newmark, presented this opportunity to Dermody Properties. Andrew Siemsen and Michael Kimmel of KBC Advisors New Jersey are the leasing brokers for the project.