SAVANNAH, GA., AND LOGAN, N.J. — Reno, Nev.-based developer Dermody Properties has sold two Class A industrial buildings in its development portfolio in two separate transactions. The properties, located in Georgia and New Jersey, total approximately 1.28 million square feet of distribution space.
In the first transaction, Dermody sold a 689,400-square-foot building in Savannah to JLA Home, a company that specializes in home furniture products. The buyer will use the facility, which is located within Dermody's LogistiPort Industrial Park, as its East Coast assembly and distribution center. The building, which is LEED certified, benefits from close proximity to the deepwater Port of Savannah. Dermody developed the building in partnership with the Savannah Economic Development Authority.
LogistiPort Industrial Park contains a total of 1.03 million square feet of industrial space with room for expansion. According to Dermody, the project was the first multi-building industrial park in the Southeast to achieve LEED certification.
In the second transaction, Dermody sold a 599,500-square-foot property in Logan to an undisclosed financial institution. The building is located at 1150 Commerce Blvd. within the developer's Logisticenter at Logan industrial park. The LEED-Silver facility was originally developed in 2007 as a Northeast distribution center 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.
Logisticenter at Logan consists of 11 buildings containing 3.4 million square feet of space. The industrial park is situated within an 1,100-acre, master-planned business park.
In the Savannah deal, David Sink of Colliers International and Steve Chess of Townsend Commercial Real Estate represented the buyers. Bob Robers and Steve Grable of Jones Lang LaSalle represented Dermody. In the Logan deal, Joe Hill and Robert Yoshimura of The Flynn Company represented Dermody.
— Coleman Wood