DP, part of the Reno, NV-based Dermody Properties, and partner Great Point Investors of Boston actually broke ground for the building on spec in August, and figure to have it ready for Kimberly-Clark in August. The deal was arranged in-house by DP Properties' chief operating officer John Atwell and Eastern Region partners Michael Alderman and Stephen Bailey, along with outside brokers from the Mt. Laurel-based NAI Mertz.
Kimberly-Clark, meanwhile, was represented by a group of Colliers brokers, specifically Matthew Stauber of Colliers Bennett & Kahnweiler in Rosemont, IL; and Marc Isdaner and Mark Chubb in the Philadelphia office of Colliers Lanard & Axilbund. Financial details of the transaction were not released.
"The facility will be used for warehousing and distribution, and for ancillary offices," Atwell says. "Kimberly-Clark selected the site because the location is within close proximity to an existing plant," a facility that is just across the river in Chester, PA.
"The layout can also accommodate their large trailer-storage requirement, and the site has additional land available for expansion," Atwell says, noting that the current 599,500-square-foot floor plan is expandable to 800,000 square feet. The office component of the current plan totals about 7,000 square feet.
For DP, the new facility brings LogistiCenter at Logan to five buildings with almost 1.5 million square feet. The company bought the 1,000-acre property, than known as Northeast Business Center, from the Wilmington, DE-based Harvey Development Co. in June, 2005 for an undisclosed price. Long-term plans for the property call for a build-out of 5.5 million square feet of industrial, R&D, office and flex space carrying a total price tag in the $200-million range.
The Kimberly-Clark deal follows another major recent signing at LogistiCenter at Logan. In October, steel products distributor Brighton Best International Inc. leased nearly 107,000 square feet at the park's Building K at 2100 Center Square Rd., a 366,000-square-foot spec building that started construction in late 2007.
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