Learning to Acquire
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|With no need for spec space in the foreseeable future, Dermody Partners Properties has made a move from development to acquistions with the purchase of a 149k SF warehouse in Niles in a JV with Wanziang.|
|Yesterday, DP's Sara Aguilar and Andy James told us the firm's been looking to buy property since it disposed of many of its assets in 2007. The Niles facility seemed like a good opportunity because its tenant, Fort Dearborn, has occupied the building for 50 years and has a lease that ends in 2016. At that point, the tenant may renew, DP might refurbish the building, or it could be torn down and its 7.64-acre site redeveloped.|
|Andy worked with Colliers brokers Jeff Khan, Jeff Divine, andSteve Disse to close the deal, which he hopes will be the first of many infill industrial transactions DP works on this year. It has offices in Reno, Portland, and Harrisburg/Philadelphia, not your typical major cities, but great if you're looking to capture the best transportation/warehouse deals. Andy thinks Chicago's industrial submarkets will rebound this year and he'll be looking to acquire or develop built-to-suits as financing loosens up.|