Nevada-based Dermody Properties said it is developing nearly 30 acres in Berks County, which will be home to LogistiCenter at Midway South, a new industrial property at Exit 16 off Interstate 78.
The private equity real estate investment, development and management company bought 9024 Old Route 22 in Bethel Township from The Bethel Group for $946,141, according to Berks County property records.
Construction is underway on the 304,000-square-foot facility, which will have connections to Interstate-81, Interstate-476 and The Pennsylvania Turnpike.
Gene Preston, partner of Dermody Properties in Morristown, N.J., said construction should finish by the end of the year.
Blue Rock Construction of Upper Macungie Township is the general contractor building the site. Preston said he does not have any tenants yet and it’s being built on spec. The property is suited for manufacturing, warehouse/distribution and ecommerce companies.
He declined to disclose the estimated construction cost.
The company also developed the nearby LogistiCenter at Midway in Bethel Township, a more than 1 million square-foot-warehouse at Exit 16.
“We do not have any more land that we own out there,” Preston said.
Overall, he sees opportunities for industrial land getting scarcer.
“Land is getting tighter,” Preston said. “There’s still some land as you go west. In Lehigh Valley proper, there’s certainly not a lot of land zoned for industrial.”
In addition, the Midway South property has proximity to a four-way interchange along I-78, he said.
Representing the project for leasing are Gerry Blinebury, executive managing director, Adam Campbell, executive managing director, and Jeff Williams, senior director, all of Cushman & Wakefield.
Berks Park 78 is another industrial complex nearby that includes corporate tenants Samsung, Dollar General and PetSmart.