Dermody Properties Breaks Ground on 73 Acres at LogistiCenter℠ at Lehigh Valley East In Pennsylvania
Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, recently broke ground on two buildings in a 557,820-square-foot complex located 80 miles from the Port of New York and New Jersey. It will be located at 450 East Moorestown Road in Wind Gap, Pa., in the Northampton County submarket. Construction of the first building is scheduled to be complete in the 4th quarter, 2019. The second building will be completed in early 2020.
With more than 93 million square feet of industrial space, the Lehigh Valley market is a desired location for manufacturing, warehouse/distribution, and ecommerce companies. Among the advantages of the Lehigh Valley are a solid workforce, strong manufacturing base, key interstates, proximity to the NY/NJ port and a new FedEx Ground Hub located in Bethlehem which has opened the doors for local and national manufacturing and warehousing/distribution companies to call the Lehigh Valley home.
“This is an outstanding location for logistics-focused companies because of its ability to provide our customers with easy access to the markets of the northeast United States, and the ports are gateways to the rest of the world,“ said Eugene Preston, East Region Partner for Dermody Properties.
Building 1 will have 349,920 square feet of available space and Building 2 will have 207,900 square feet. Both will have a 36-foot clear height, ample car parking and dock doors, making them ideal for ecommerce. The buildings will sit on approximately 73.1 net acres.
The property was purchased from Ashley Development, led by Lou Pektor, and Vertek Construction Management, who were both instrumental in facilitating the approvals needed to transfer ownership and start construction.
It is being represented by Brian Knowles, CCIM, SIOR and Eric Zahniser of Lee & Associates of Eastern Pennsylvania. Vertek Construction will be the general contractor.