DERMODY PROPERTIES SELLS 599,500-SQUARE-FOOT DIST. CENTER

LOGAN, N.J. — Reno, Nev.-based developer Dermody Properties has sold a 599,500-square-foot distribution center in Logan to an undisclosed financial institution. Logisticenter at Logan is a Class A building located at 1150 Commerce Blvd. within a 1,100-acre, master-planned business park. The LEED-Silver facility was originally developed in 2007 for Kimberly-Clark. Dermody Properties' equity partner in the property was Boston-based Great Point Investors. The sale price was not disclosed, but the property traded at a 7.39 percent capitalization rate.