LOGAN, NJ-Dermody Properties/DP Partners has sold a599,500-square-foot, class A industrial building here to a majorfinancial institution for an undisclosed sum. The capitalizationrate on the transaction was 7.39%.

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The LEED Silver certified building at 1150 Commerce Blvd. wasoriginally constructed for Kimberly-Clark. It is a part of a1,100-acre master-planned business park in LoganTownship. “Our 400-acre Logisticenter at Logan is the home tomany national companies and continues to attract strong investmentcapital,” says Michael Dermody, DP chairman and CEO. “We applaudour buyer for recognizing its value and we congratulate our teamfor creating the value.”

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Reno, NV-based DP Partners, a member of Dermody Properties, is aprivately held national commercial real estate firm. Boston-basedGreat Point Investors is DP’s equity partner in thedevelopment. DP president Par Tolles and regional directorStephen G. Bailey managed the transaction. The Flynn Co.,Philadelphia, represented DP as brokers.

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