That calls for a change in structure that will be fully described in a few weeks, but includes a DP Office, DP Retail and DP Land Group, said Michael Alderman, director of leasing for the mid-Atlantic region, which is based in Harrisburg. "We need to deploy money," he said. And, despite expansion and diversification, he said the company "is ready to develop 2.7 million sf of spec industrial all across the country."
That includes a second 365,760-sf spec distribution building that will break ground within two weeks at LogistiCenter at Logan, a 1,000-acre industrial park in Logan Twp., NJ. DP acquired the site in June 2005. When fully built, at an aggregate cost of $200 million, it will accommodate 5.5 million sf. "If we get a build-to-suit, we'll do it; if there's an opportunity to sell land, we would," said Stephen Bailey, mid-Atlantic regional director. That is what makes this project "different from the old DP," he added.
The company has opened an office in Portland, OR, where it is developing a 262,640-sf warehouse/distribution center. It is called LogistiCourt at Portal Way, and LogistiCourt is described as a sister brand to LogistiCenter. Other developments under way include LogistiPort at Savannah, GA, a 72-acre industrial park, and two other Savannah sites with aggregate capacity of approximately one million sf. Other areas on the development map include Harrisburg, Chicago, Las Vegas and Reno.
The Athena development in Las Vegas exemplifies the company's new direction. A mixed-use project, it will include office, small industrial and mini-storage facilities, said Bailey. The diversification strategy points to smaller flex and infill locations and build-to-suits for lease or purchase, versus big box industrial parks.
Another component of the company's new structure is to give employees more ownership in projects and "a bigger commitment" to the existing Dermody Properties Foundation. It funds projects in communities where DP operates, and Bailey said it is modeled after the Hershey Foundation, which is based in Hershey, PA and supports schools, museums, cultural institutions and other nonprofits. Dermody Properties is DP Partners' parent company, also located in Reno.
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