Reno, NV  -- Dermody Properties today announced that the newly formed ProLogis North American Properties Fund III has acquired the assets that were held in a joint venture between Dermody Properties and CalSTRS, the California State Teachers Retirement System. ProLogis is an international industrial REIT (Real Estate Investment Trust) that owns, manages and develops distribution facilities.  

 

Dermody Properties will continue to maintain a strong presence in each of the markets in which it does business, with a continuing development platform of 3 million square feet a year going forward,

 

The assets acquired by the ProLogis property fund, included 24.7 million square feet of distribution space in Reno and Las Vegas, Nevada; Eastern Pennsylvania; Chicago, Illinois; and Tejon Ranch in Southern California. ProLogis also directly acquired 518 acres of developable land in these markets.

 

Michael Dermody, president and CEO of Dermody Properties, was quick to recognize and credit the Dermody Properties team, saying, “Our seasoned and professional staff has built this portfolio upon excellent customer service, which has been the cornerstone of our business philosophy.”

 

He said,  “We will continue to maintain a strong presence in each of our markets we are presently in, while building upon our now private development platform, which will encourage an even greater entrepreneurial approach to development and customer service.”

 

Dermody Properties is actively pursuing new development in each of its five regional offices of Reno and Las Vegas, Nev.; Chicago, Ill; Harrisburg, Pa; and Savannah, Ga., with Portland opening in August 2007.

 

Dermody Properties is the parent company of DP Partners, which has been focused on industrial development nationwide and will continue to do so. In addition, the company will pursue other types of development, including commercial, retail, land and office.

 

“This is an exciting transition period for our entire team. Their dedication and focus on customer service will continue to be our foundation as we go forward, “ said Dermody.

 

According to Dermody, after the transition, the company’s support of the communities in which it does business will definitely continue. Support through the Dermody Properties Foundation will take place in more meaningful ways, expanding upon a core philosophy of the company.

 

“All of us at Dermody Properties are looking forward to the future, as we actively pursue new projects, and embrace a refreshed style of doing business, as well as an even greater emphasis on giving back to our communities,“ said Dermody.