LOGAN, NJ-Dermody Properties/DP Partners has sold a 599,500-square-foot, class A industrial building here to a major financial institution for an undisclosed sum. The capitalization rate on the transaction was 7.39%.
The LEED Silver certified building at 1150 Commerce Blvd. was originally constructed for Kimberly-Clark. It is a part of a 1,100-acre master-planned business park in Logan Township. “Our 400-acre Logisticenter at Logan is the home to many national companies and continues to attract strong investment capital,” says Michael Dermody, DP chairman and CEO. “We applaud our buyer for recognizing its value and we congratulate our team for creating the value.”
Reno, NV-based DP Partners, a member of Dermody Properties, is a privately held national commercial real estate firm. Boston-based Great Point Investors is DP’s equity partner in the development. DP president Par Tolles and regional director Stephen G. Bailey managed the transaction. The Flynn Co., Philadelphia, represented DP as brokers.
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