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DP Unveils Plan to Diversify Development

PHILADELPHIA-During a meeting of local area brokers, the Reno, NV-based developer discusses plans to reach to mixed-use, residential, office and retail.

By Marita Thomas | Updated on September 13, 2007

PHILADELPHIA-Flush from the $1.8-billion sale of its 24.7-million-sf industrial portfolio, the Reno, NV-based developer DP Partners assembled brokers from Pennsylvania and New Jersey at Center City’s Pyramid Club to discuss its plans to diversify. While retaining some industrial properties and the LogistiCenter brand, it will tilt away from big box distribution centers to focus on a broader mix.

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.

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