Dermody Properties Secures $1B in Fourth Round Industrial Funding
By Anna Staropoli August 21, 2024 3:20 pm
reprints
Dermody Properties has a fresh $1.04 billion to play with.
The real estate firm raised the money through its fourth commingled fund, Dermody Properties Industrial Fund IV (DPIF IV), to acquire, develop and run logistics buildings across the country. The assembled sum nearly matches the $1.07 billion Dermody raised in the previous round of funding, thanks to commitments from both repeat and new investors, according to a Dermody statement.
Dermody — which operates across the country but focuses largely on the West Coast — has developed roughly 110 million square feet of e-commerce, logistics and industrial real estate. The $1 billion secured through this latest round will have a focus on both new development projects and value-add single-asset and portfolio investments, per the statement.
“We are pleased with the overwhelming success of DPIF IV, the continued support of our valued investors from DPIF I, II and III and the addition of new investors in the U.S. and Europe,” Kathleen Briscoe, partner and chief capital officer at Dermody, said in a statement.
In Southern California, Dermody currently has seven available properties amounting to 1.1 million square feet. These include a 250,000-square-foot warehouse in San Bernardino at 5685 Industrial Parkway, as well as logistics buildings in Irvine, Tustin and Ontario.
“By acquiring and developing logistics facilities where our customers need us most, we are poised for continued growth and success,” said Douglas Kiersey, Jr., Dermody’s CEO and president.
A spokesperson for Dermody did not immediately respond to a request for additional comment.
Anna Staropoli can be reached at astaropoli@commercialobserver.com.
