Walls Rising, Dermody Holds A Delayed 'Groundbreaking'

LOGAN TOWNSHIP, NJ—Spec construction is alive and well in the New Jersey industrial space. Dermody Properties and partner Great Point Investors held a “groundbreaking” ceremony for its new multi-tenant facility in LogistiCenter Logan, the developer’s 5.5-million-square-foot industrial park.

Executives from both firms marked the building’s progress with a ceremonial photo and silver shovels—even though all four exterior walls are already erected on a muddy parcel near the entrance to the park. The firms blamed the harsh and prolonged winter for the unusual timing of the groundbreaking.