Dermody sells East Coast buildings
Dermody Properties, a Reno-based developer of industrial properties, said last week it sold buildings at Savannah, Ga., and Logan, N.J.
Dermody said it sold the 689,400-square-foot building at Savannah to JLA Home, a home furnishings company, for an East Coast assembly and distribution facility.
A 599,500-square-foot building in New Jersey, occupied by a Kimberly-Clark distribution center, was sold to an undisclosed major financial institution.
Great Point Investors of Boston is Dermody Properties’ equity partner in the Kimberly-Clark building, which was built in 2008.
While terms weren’t disclosed for either transaction, Dermody Properties said the cap rate on the transaction the building’s net operating income divided by its price was 7.39 percent.
Dermody Properties President Par Tolles and Stephen G. Bailey, the company’s eastern region partner, managed the transactions for Dermody Properties.
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