Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, is pleased to announce the acquisition of the former We Energies power plant in Pleasant Prairie, Wisconsin, along with the site’s planned redevelopment as LogistiCenter℠ at Pleasant Prairie. The planned 232-acre campus will accommodate build-to-suit opportunities in three state-of-the-art logistics buildings. Mass grading is underway with building pads ready for vertical construction by the fourth quarter of 2023.
“LogistiCenter℠ at Pleasant Prairie is set apart from other development opportunities in the Midwest, adding a great deal of value for industrial uses beyond traditional warehousing,” said Neal Driscoll, Midwest Region Partner at Dermody Properties.
LogistiCenter℠ at Pleasant Prairie is Wisconsin’s only dual rail-served build-to-suit site at the intersection of the Union Pacific Railroad, which connects the United States from the Midwest to the Gulf, and to the West Coast, along with the newly formed Canadian Pacific Kansas City Southern Railroad, which connects Mexico to Canada.
Additionally, given its historic operation supporting southeast Wisconsin’s power grid as a backup power plant, LogistiCenter℠ at Pleasant Prairie has access to abundant power. The site also benefits from high-quality and large quantities of freshwater service from Lake Michigan through the Village of Pleasant Prairie.
“LogistiCenter℠ at Pleasant Prairie offers incomparable access to the Midwest market, with rail accessibility to North America,” said Driscoll. “At Dermody Properties, we focus a great deal of our development and redevelopment pursuits on asset-rich sites that provide rare benefits to our customers. Sometimes those assets include irreplaceable locations that provide geographic advantages in the supply chain. Other times those sites have attributes that are set apart from the competition, like power, railway and water access.”
According to Driscoll, one of the most exciting opportunities with asset-rich sites like this one is the potential to create high-quality jobs in the community.
“The Village of Pleasant Prairie has been an excellent partner, and we look forward to working with the Village to welcome new businesses to the community,” he said. “The announcement of Microsoft’s data center in Southeast Wisconsin is just the tip of the iceberg. The entire region is on the verge of major manufacturing and technology growth because of the infrastructure investments in Wisconsin. We look forward to the opportunity to play a role in that growth.”
The park is conceptually approved to accommodate three buildings totaling 2.4 million square feet with the flexibility to be modified or consolidated as needed to meet customer requirements.
“Dermody Properties appreciates the opportunity to redevelop the former We Energies power plant,” said Tim Walsh, Partner and Chief Investment Officer at Dermody Properties. “We recognize the historical significance the property has and are grateful for the opportunity to contribute to the economic growth and sustainability of the Pleasant Prairie community.”
Dermody Properties currently has multiple properties available in its Midwest Region totaling 3.6 million square feet, including The Logistics Campus, a planned 10-building site in Glenview, Illinois. Building 5 of The Logistics Campus has an anticipated delivery of Q3 2023. For more information, please visit the region page on the Dermody Properties website.
https://dermody.com/news/dermody-properties-announces-the-acquisition-of-former-we-energies-power-plant/
