LogistiCenter at Logan Home to New Albert's Organics Facility
Dermody Properties and Stonemont Financial Group Develop 70,000 SF Distribution Facility
PHILADELPHIA, Penn. – Dermody Properties, in partnership with Stonemont Financial Group, has announced that they are developing a 70,000 square foot facility for lease to a national leader in organic food distribution, Albert’s Organics, Inc. Dermody Properties served as the industrial developer and operating partner, and Stonemont served as the financial partner in the transaction.
Construction on the project began in October 2012 and will be completed in April 2013. The facility, which will serve as a distribution center for Albert’s Organics, will be located in Dermody Properties’ LogistiCenter at Logan, at 1155 Commerce Blvd., in Logan Township, NJ.
Albert’s Organics, Inc. is the nation’s leading distributor of quality organically grown fresh foods, including produce, meat, juices, dairy, soy products and much more. Albert’s currently operates from seven distribution centers spanning the different regions within the United States. The new facility will replace the company’s current facility located nearby in Logan Township.
James V. Mascaro, CCIM, LEED-AP, Development Director of the Dermody Properties Eastern Region Office, was the company’s lead on the transaction. Stonemont Financial Group’s team included Principals, Zack Markwell and Bob McMahon.
“LogistiCenter at Logan is the perfect location for updating our busiest distribution center, and we believe it will help us serve our valued customers even more effectively and efficiently,” according to Scott Dennis, President of Albert’s Organics, Inc. “The Dermody Properties and Stonemont team really understood our needs and worked with us at each stage to develop this excellent location.”
Albert’s Organics will have the ability to expand the warehouse and distribution center by 25,000 square feet, for a total of 95,000 square feet. Albert’s new home in Dermody Properties’ LogistiCenter at Logan is part of a 1,100-acre, Class A, master-planned business park in Logan Township, Gloucester County, NJ. There are 11 existing buildings in the park, totaling 3.4 million square feet. Albert’s Organics joins such companies as Sears, UPS, hhgregg, Cardinal Health, McKesson, Kimberly Clark, Vistar, ADS Pipe and Freightliner in the industrial center.
LogistiCenter is a national brand, owned and developed by Dermody Properties. It represents the firm’s business philosophy for meeting Corporate America’s supply-chain requirements for Class A industrial facilities.
“Our LogistiCenter facilities across the nation include Internet fulfillment centers, warehouses, manufacturing, assembly, processing, and research and development centers,” said Douglas A. Kiersey, Jr., President of Dermody Properties. “We are pleased to now add one of the nation’s leading distributors of organic produce to that list.”
“This project was a perfect fit for Stonemont, pairing an industry leading tenant with a premiere business park in the center of the Northeast Corridor,” said Zack Markwell, Principal at Stonemont Financial Group. “We look to continue to partner with Dermody Properties on similar projects in their LogistiCenters across the country.”
The representative for Albert’s Organics, Inc. was Harry McKenna of Jackson Cross of King of Prussia, Penn. Representing Dermody Properties was Paul Torosian of Cushman and Wakefield of Philadelphia, Penn.
“Dermody has become a key partner for us in our developer financing platform. Their experience and ability to deliver projects on time and on budget allows us to finance their projects with the highest level of comfort,” said Bob McMahon, Principal at Stonemont Financial Group.
“This continues to grow our relationship with Stonemont, which we’ve enjoyed for many years,” said Michael Dermody, Chairman and CEO of Dermody Properties. “Dermody Properties prides itself in finding the best alternatives for our clients, and Albert’s Organics was an excellent fit for our Dermody Properties-Stonemont platform.”