Dermody announces new industrial development
Dermody Properties and PCCP, LLC, symbolically broke ground Wednesday on its LogistiCenter at 395 Phase 2 industrial development in North Valleys.
Construction has begun on the 130-acre site between Military Road and Lemmon Drive, with completion of the first building expected in May 2016.
United Construction is the contractor for the project.
The ground breaking ceremony, which brought Gov. Brian Sandoval as well as Dermody and government officials and others involved in the project, was held in the LogistiCenter at 395 Phase 1 property. That 1.2 million square foot complex competed earlier this year includes the Amazon Fulfillment Center.
The gathering was also chosen to announce the first lease agreement for Phase 2.
Jarden Technical Apparel, a subsidiary of the Fortune 500 company Jarden Corporation, have signed a lease agreement for its Marmot and ExOfficio clothing brands.
“We are pleased to welcome Marmot and ExOfficio to LogistiCenter at 395,” said George Condon, partner, Dermody Properties West Region Office. “We believe the park will continue to attract customers like Marmot and ExOfficio due to its e-commerce-compliant design and expansion capabilities. In recent years, prospects searching in the West have been limited in their searches to the very expensive large box spaces in California. The Phase 2 development of LogistiCenter at 395 will offer state-of-the-art facilities within the pro-business environment of Nevada.”
Michael Dermody, CEO of Dermody Properties, explained the community benefits of large industrial developments. He said a project like LogistiCenter at 395 will generate $800,000 a year in real estate taxes plus impact fees that will benefit community infrastructure.
LogistCenter at 395 Phase 2 is also expected to bring 300 new jobs to the area.
Dermody commended Gov. Sandoval for his efforts in economic development. The governor turned the tables and commended the cooperative atmosphere in Washoe Valley.
“What we sometimes take for granted in this valley is local leadership,” he said. “It is not normal (in other areas of the country) for local government, county government, city government to come together for projects like this.”
Phase 2 will be constructed in two or three phases with two or three buildings.
Marmot and ExOfficio will occupy 270,000 square feet in the first building, with another 450,000 square feet to be leased.
The second part of the project can accommodate two 400,000-square-foot buildings or a single 901,488-square-foot building, depending on tenant requirements. Future phases will be developed as each previous phase is leased.
Buildout is approved for 1.6 million square feet of building space.
All facilities in the park will have 36-foot clear heights, ESFR sprinklers and ample excess car and trailer parking.
PCCP is a commercial real estate finance and investment management firm focused.
Dermody Properties, which is based in Reno, is a privately held, industrial real estate development company with projects throughout the United States.
Christal Park Keegan’s professional experience includes working as an attorney for the National Judicial College in Reno and for the Chapman Law Firm in Northern Nevada.