RENO, Nev. – Dermody Properties, a national industrial real estate development and operating company headquartered in Reno, has broken ground on the final two buildings in LogistiCenter 395, its 1.2 million-square-foot industrial park in northern Nevada. The company started construction on the two new facilities, Buildings A and C, on November 20.
Upon completion, Building A will total 402,320 square feet and Building C will total 224,640 square feet. Both facilities will have ample clear height as well as car and trailer parking, features that are critical to internet fulfillment and e-commerce operations. Building A will be 36-foot clear and Building C will be 32-foot clear. The two facilities are expected to be complete in Summer 2015.
“Dermody Properties has a long history in northern Nevada,” said Michael Dermody, chairman and CEO of Dermody Properties. “We are pleased to be breaking ground on the final buildings in LogistiCenter 395 at a time when best-of-class industrial facilities in our region are in such high demand.”
Dermody Properties broke ground on the first facility in the park, Building B, a 624,000-square-foot building, in March 2014 and completed construction on it in early Fall 2014.
“Our strategy throughout the country has been to build state-of-the-art facilities in highly desirable markets, and for us northern Nevada has always been such a market,” said Douglas A. Kiersey, Jr., president of Dermody Properties. “We have been developing here since our inception. The state’s business friendly tax policies, combined with the region’s central location in the western market, make it an ideal location for warehousing and distribution operations. With the news of large, innovative companies like Tesla associated with northern Nevada, interest in this market will only continue to increase.”
Located on Lemmon Drive immediately off of Highway 395, LogistiCenter 395 is within minutes of Interstate 80, the Reno-Tahoe International Airport, and three major shipping providers. Its location makes one-day delivery to the majority of West Coast consumers possible, making it an especially desirable location for e-commerce fulfillment centers.
PCCP, LLC (PCCP) is Dermody Properties’ strategic capital partner on the industrial park.
“Reno is an attractive regional distribution location with increasing demand for modern facilities due to California’s heavy costs and regulations,” said Melanie Gangel, vice president, PCCP. “This project represents a compelling opportunity to expand our existing partnership with Dermody Properties and deliver two brand new state-of-the-art industrial facilities that are ideally located for bulk distribution, with multiple access points and highway visibility.”
United Construction Company is serving as the construction partner for the entire LogistiCenter 395 industrial park. Eric Bennett, vice president, and Gordon Zack, first vice president, of CBRE in Reno are representing Dermody Properties as the park’s broker.
LogistiCenter is a national trademark brand, owned and developed by Dermody Properties. It represents the firm’s business philosophy of developing Class A distribution facilities that meet the supply-chain requirements of the most innovative companies. All LogistiCenter facilities are designed to meet best practices in sustainable design and construction, and incorporate building features, such as additional clear height and extra trailer and car parking, that enable companies to execute their operations more effectively and efficiently.
About Dermody Properties
Dermody Properties is a privately held, industrial real estate development and operating company. Founded and headquartered in Reno, Nev., the company has a national development reach, served by its regional offices in Chicago, Philadelphia, Phoenix and Seattle. Over its 50-year history, the company has developed and leased more than 45 million square feet of high quality facilities to many Fortune 500 companies and other well-respected firms. To learn more about Dermody Properties visit www.dermody.com.
About PCCP, LLC
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $9 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.