150 Milford Road in East Windsor — Courtesy: Dermody Properties
By Joshua Burd
Dermody Properties has acquired a vacant 615,000-square-foot industrial complex in East Windsor, where it’s now planning a series of upgrades over the next several months.
The firm’s Morristown office on Thursday announced its purchase of 150 Milford Road, a nearly 52-acre property that is minutes from the New Jersey Turnpike and Route 33. Dermody is now marketing the space, which it says will be available by 2020 after it completes its renovations.
“This location provides direct access to Exit 8 of the New Jersey Turnpike,” said Eugene Preston, east region partner for Dermody. “The building represents one of the largest blocks of available space in the central New Jersey industrial market.”
Terms were not disclosed. The property was part of Conair Corp.’s longtime headquarters complex in East Windsor, although Dermody did not identify the seller by name.
The private equity real estate investment, development and management firm noted that 150 Milford was originally built in 1998 and was expanded in 2003 by 175,000 square feet. The building features 28 trailer parking positions, 413 car parking stalls, 41 dock doors, two drive-in doors and a 36-foot clear height in the warehouse addition, Dermody said, making it well-suited for e-commerce operations.
The firm touted both the site’s accessibility and its proximity to a large labor pool. Mindy Lissner and Steven Beyda of CBRE are the property’s listing agents.
“This new acquisition fits well with Dermody Properties’ strategy to procure logistics real estate in key markets across the nation,” said Douglas A. Kiersey Jr., president of Dermody Properties. “The asset provides an opportunity for our customers to grow their logistics network in one of the tightest submarkets in the country.”
