DP Completes First Spec Building at 5M-Plus Park

LOGAN TWP., NJ-DP Partners has completed construction of the first speculative building within its new LogistiCenter at Logan industrial park. The completion brings 360,000 sf to market in what is expected to eventually build out to 5.5 million sf at the 1,000-acre rail-served park.

The Reno, NV-based DP, formerly known as Dermody Properties, bought the tract known as Northeast Business Park in 2005 from New Castle, DE-based Harvey Development Co. and subsequently re-tagged it with its LogistiCenter brand. As reported by GlobeSt.com, DP started construction on the now-completed building earlier this year.

"This is a high-end distribution center designed for the occupancy requirements of regional, national and international corporate distribution operations and third-party logistics firms," says Stephen G. Bailey, DP's Mid-Atlantic regional director. "Like our other LogistiCenters across the country, it has a high ratio of dock doors, large reinforced concrete truck aprons and ESFT sprinkler systems."

"Despite positive demand for space, there hasn't been a large facility built on a spec basis in the Gloucester County/South Jersey market for an extended period of time," says Michael J. Alderman, director of leasing at DP's Mid-Atlantic regional HQ in Harrisburg, PA. "This puts the building in a competitive position to attract medium to large companies that need space immediately and simply can't wait for a new building to be built."

The new facility offers space from 25,000 sf to full building, and is being marketed as either a multi-tenant or single-tenant facility, according to Alderman. "There is currently a limited inventory of class A distribution and light manufacturing space in this market," he says. "Large industrial sites are in short supply, with more than 100,000 sf difficult to find."

There is parallel development activity at LogistiCenter at Logan as well. As reported by GlobeSt.com, DP sold a 32-acre site to Advanced Drainage Systems earlier this year, on which the Hilliard, OH-based company will build a $12-million, 68,000-sf manufacturing plant. Next up for DP within the tract, meanwhile, is a 1.2-million-sf spec building, although a specific time frame hasn't been announced.

Besides a build-out capacity of 5.5 million sf, LogistiCenter at Logan's site plan calls for 10 acres of retail development. Approximately 400 of the 1,000 acres will remain undeveloped as a wetland under an agreement with the New Jersey DEP and the US Army Corps of Engineers.