Dermody Properties Begins Construction on Industrial Facility at New Jersey Turnpike Exit 8A in South Brunswick
On July 30, South Brunswick Mayor Frank Gambatese, Dermody Properties and AEW Capital Management (AEW) celebrated the groundbreaking of LogistiCenter Exit 8A, a 308,276-square-foot industrial facility in South Brunswick, N.J.
- Bergen-Passaic, NJ (1888PressRelease) August 01, 2014 - AEW is partnering in the development on behalf of AEW Partners VII, L.P., an opportunistic real estate fund. The property is being marketed to prospective tenants by Jules Nissim and Marc Petrella of Cushman & Wakefield.
The facility will feature 36-feet of clear height, 66 car parking spaces and 59 trailer parking spaces. Upon completion in February 2015, it will be fully operational with energy-efficient lighting, 35,000-lb dock levelers and office space to accommodate immediate occupancy.
"Investing in northern New Jersey is consistent with our strategy of developing modern facilities in strategic logistics markets," said 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 New Jersey Turnpike Exit 8A market, LogistiCenter Exit 8A is ideal for companies that require efficient distribution to the northeastern United States. Given its central location 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 proximity to this port and its status as a midpoint of the highly populated corridor between Boston and Washington D.C. have made it the premier warehouse and distribution hub in the Northeast. Currently more than 70 million square feet 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."
Mayor Gambatese, Deputy Mayor Chris Killmurray and Township Manager Bernard Hvozdovic celebrated the groundbreaking with Dermody Properties and AEW.
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 its clients. 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 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. To date, Dermody Properties has completed ten LogistiCenters, totaling 11.8 million square feet. Over its 50-year history, the company has developed and leased more than 40 million square feet of high-quality facilities to many Fortune 500 companies and other well-respected firms. Learn more about Dermody Properties at www.Dermody.com.
About AEW
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world's leading real estate investment advisors, AEW and its affiliates manage over $39 billion of capital invested in $53.5 billion of property and securities in North America, Europe and Asia (as of March 31, 2014). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Hong Kong and Singapore, as well as additional offices in eight European cities. For more information, please visit www.aew.com.
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