SOUTH BRUNSWICK, NJ—Dermody Properties and AEW Capital Management were joined by South Brunswick Mayor Frank Gambatese, for the groundbreaking of LogistiCenter Exit 8A, a 308,276-SF industrial facility in South Brunswick, NJ.
AEW is partnering in the development on behalf of AEW Partners VII LP, an opportunistic real estate fund. Jules Nissim and Marc Petrella of Cushman & Wakefield are marketing the property.
The facility will feature 36 feet of clear height, 66 car parking spaces and 59 trailer parking spaces. When completed in February 2015, the property will feature energy efficient lighting, 35,000-lb dock levelers and office space.
“Investing in northern New Jersey is consistent with our strategy of developing modern facilities in strategic logistics markets,” says Douglas A. Kiersey, Jr., president of Dermody Properties. “Exit 8A provides quick access to the ports, greater New York and the entire Tri-State Area. It is perfectly situated in this highly sought-after market.”
Located in the heart of the Exit 8A market, LogistiCenter Exit 8A is ideal for companies that require efficient distribution to the northeastern United States.
Centrally located on the New Jersey Turnpike, this market serves as a processing, sorting and distribution hub for many products imported through the Port of New York and New Jersey. Exit 8A's port proximity and location at the midpoint of the highly populated corridor between Boston and Washington D.C. make it an attractive choice for Northeast warehouse and distribution hubs. Currently, more than 70M SF of industrial warehouse, distribution and manufacturing space is housed at Exit 8A.
“The Exit 8A market is a key regional distribution market in the Northeast,” said Gene Preston, partner, Dermody Properties East Region Office. “Our goal is always to provide the best possible facilities for our customers, and this location helps us do just that. So we are pleased to be breaking ground on this facility.”
Dermody Properties, Reno, NV, is a privately held industrial real estate development company. The company has regional offices in Chicago, Philadelphia, Phoenix and Seattle. LogistiCenter is Dermody's national trademark brand, representing the firm's business philosophy of developing Class A distribution facilities that meet the supply-chain requirements of its clients. To date, Dermody Properties has completed ten LogistiCenters, totaling 11.8M SF. Over its 50-year history, the company has developed and leased more than 40M SF of high-quality facilities to many Fortune 500 companies and other well-respected firms.
AEW provides real estate investment management services to investors worldwide. AEW and its affiliates manage more than $39B of capital invested in $53.5B of property and securities in North America, Europe and Asia (as of March 31, 2014).
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
