DP Partners Leases 86,300 SF to hhgregg in LogistiCenter at Logan in Southern New Jersey.

2010-02-26

HARRISBURG, PA – DP Partners signed a long-term lease with Indianapolis, IN-based hhgregg ® (NYSE:HGG) for 86,300 SF in Building K at its 1,000-acre, rail-served industrial park, LogistiCenter ® at Logan, announced Stephen G. Bailey, RLA, CCIM, Partner-Eastern Region for Reno, NV-based DP Partners, a member of Dermody Properties.
 
Founded in 1955, hhgregg is a leading specialty retailer of consumer electronics, a comprehensive selection of digital televisions, premium video products, brand name appliances, audio products and accessories under the hhgregg and Fine LinesÒ brand names.  The company, which currently operates 128 stores throughout Eastern United States, plans to open 15 new stores this year in the tri-state market of New Jersey, Delaware and Pennsylvania.  The LogistiCenter location will serve as the central distribution facility for the new stores.
 
According to Bailey, southern New Jersey has been a consistently steady market that has proven attractive to tenants.  “At Logan, we attract many mid-size companies that serve the region and continue to see inquiries for space between 100,000 SF and 300,000 SF,” he said.
 
For that reason, DP Partners has approximately 76 acres of permit-ready land that can accommodate up to 860,000 SF of industrial space in one or multiple buildings.  “This is important for users who need to fast-track new facilities and can’t wait for a lengthy permitting process,” Bailey said.  Overall, LogistiCenter offers development sites from two to 80 acres, capable of accommodating facilities from 10,000 SF to 1,000,000 SF.  “In this market, a developer must be flexible, which is why DP will sell land sites or develop build-to-suit facilities for sale or lease,” he said.
 
“hhgregg is an influential, rapidly growing company and a perfect fit for LogistiCenter at Logan, which is still performing strongly in our challenging economy.  This transaction means that our 365,760 SF Building K is now 100 percent leased,” said Bailey.  Other tenants at Building K include Long Beach, CA-based Brighton-Best International, Inc., a unit of Taiwan-based industrial steel conglomerate, Ta Chen International, Inc., in 106,650 SF; Sears Holdings Corporation (NASDAQ: SHLD) in 87,330 SF; and United Parcel Service of America, Inc. (UPS), in 85,480 SF.
 
 DP Partners was represented in the hhgregg lease transaction by a team of industrial and investment specialists, headed by Bill Goodwin, Executive Vice President of the Philadelphia, PA, office of CB Richard Ellis.  The tenant was represented by Lawrence M. Shaw, SIOR, Principal of Charlotte, NC-based Clarus Properties, Inc.
 
LogistiCenter at Logan is 12 miles south of Philadelphia, one half mile north of Exit #10 on toll-free I-295, 16 miles south of the Port of Philadelphia, and 12 miles south of Philadelphia International Airport.  The park has convenient access to the strategic network of interstates and highways serving Northeast markets via I-295, I-95, Route 202, I-476, the New Jersey Turnpike and the Pennsylvania Turnpike.
 
Approximately 98 acres of the park is served by the SMS Rail Lines short line, which connects to three Class 1 railroads including Norfolk Southern Railway, Canadian Pacific Railway, and CSX Transportation.  When built out, the park will accommodate approximately 5,500,000 SF of new manufacturing, distribution, warehouse, industrial, research-and-development, office and flex space.