RENO, Nev. – Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, recently leased 99,640 square feet at LogistiCenter℠ at 395, Phase 1, Building A in Reno, Nev. to Smart Warehousing. A third-party logistics firm, Smart Warehousing offers warehousing and fulfillment services in more than 25 locations across 12 states. PCCP, LLC is Dermody Properties’ strategic capital partner on the industrial park.
George Condon, West Region Partner for Dermody Properties will manage the transaction.
Smart Warehousing is expected to bring 20 jobs to the region and marks the company’s first operation center in Nevada.
“We’re excited to grow our footprint on the West Coast with the addition of our first fulfillment center in Nevada,” said Ed Lee, COO of Smart Warehousing. “LogistiCenter℠ at 395 was the ideal location for us and will significantly improve our reach and efficiencies with its excellent access to serve the entire western U.S. market.”
LogistiCenter℠ at 395 is a multi-phase, master-planned industrial park totaling more than 2.8 million square feet in the North Valleys submarket of Reno-Sparks. With the addition of Smart Warehousing, all 1.25 million square feet of LogistiCenter℠ at 395, Phase 1, Building A is fully leased.
The second phase of LogistiCenter℠ at 395 includes two buildings as part of the 130-acre industrial park. LogistiCenter℠ at 395, Phase 2, Building 1 currently has 181,060 square feet available; Building 2 is currently under construction and will add 436,363 square feet to the industrial park. Later this year, Dermody Properties plans to break ground on Building 3 which will add another 405,000 square feet.
“We’re glad Lyle Chamberlain at Lee & Associates showed our building to Smart Warehousing,” said Condon. “Class-A buildings with 36-foot clear heights and more dock doors than most Class-B buildings are now attracting companies that need less than 200,000 square feet.”
LogistiCenter℠ at 395 is within minutes of the three major shipping providers — UPS, FedEx and OnTrac. Bordering five states, northern Nevada is perfectly situated as the hub of the 11-state western region, with 53 million people within one day’s drive. Trucking services are provided in the area by more than 65 local, regional and national carriers with shipments to 80% of the 11 western states occurring on a next-day basis.
“Our strategy throughout the country has been to build or acquire state-of-the-art facilities in highly desirable markets, and northern Nevada has always been one such market for us,” said Douglas A. Kiersey, Jr., President of Dermody Properties. “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 such as Smart Warehousing.”
About Dermody Properties
Dermody Properties is a privately-owned real estate investment, development and management firm that specializes in the acquisition and development of logistics real estate in strategic locations for e-commerce fulfillment centers, third party logistics and distribution customers. Founded in 1960, Dermody Properties has invested in more than 83 million square feet of industrial space. In addition to its corporate office in Reno, Nev., it has regional offices in northern and southern California, Phoenix, Seattle, Chicago, Atlanta, New Jersey and Nevada. For more information visit www.Dermody.com.
About Smart Warehousing
Since its founding in 2001, Smart Warehousing has provided innovative warehousing and flexible solutions. Its headquarters, located in the LPKC intermodal facility in the Kansas City Metro, oversees over 25 warehouses nationwide, occupying over 8.5 million square feet of warehousing space, and offers a wide variety of warehousing and fulfillment options, including e-commerce, store delivery, DC replenishment, special projects, and more. All solutions are managed through Smart Warehousing’s proprietary SWIMS technology platform, which brings the supply chain to life. For more information visit www.smartwarehousing.com.
About PCCP, LLC
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $8 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a 20-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has successfully committed $17 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.