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 the former Glen-Gery manufacturing site on 29.5 acres of land in the York submarket of Pennsylvania. Dermody Properties intends to redevelop the site into a 342,720-square-foot, state-of-the-art warehouse known as LogistiCenter at I-83.
The property was acquired in April 2021 from Glen-Gery Corporation, which had previously occupied the site for more than 50 years. They intend to lease back the facility for two years, after which time development on the LogistiCenter will begin. Dermody Properties also intends to complete roadwork improvements to the adjoining intersection.
“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.”
The site is one mile away from the brand new I-83 interchange, which connects central Pennsylvania to Baltimore, making it a strong corridor for distribution and warehousing. As part of Spring Garden Township, which is widely recognized for being an industrial region, the site is already zoned for warehouse development. In addition, York is very densely populated and offers an abundant labor pool.
“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.”
LogistiCenter, a nationally trademarked brand owned and developed by Dermody Properties, represents the company’s business philosophy of developing Class A distribution and logistics facilities that meet the supply-chain requirements of the most innovative companies.