Wednesday, January 18, 2017

Endurance Signs 101,935 SF Lease at Jessup, PA Site


An affiliate of Endurance Real Estate Group, LLC (“Endurance”) is pleased to announce a new 101,935 SF lease with LBP Manufacturing, a national food packaging manufacturer, at 7 Alberigi Drive in Lackawanna County, PA, part of Endurance’s three (3) building I-81/NEPA Bulk-Industrial Portfolio. After the departure of the prior occupant at the end of 2016, Endurance quickly re-tenanted this space.

Apart from its favorable location, labor profile, and modern bulk warehouse specifications, 7 Alberigi Drive provides the significant electrical capacity that the new tenant requires for their operations. LBP has committed to hire 74 people over the next three years, and will be spending in excess of $6MM on infrastructure and equipment for their operations. In addition to the tenant’s improvements, Endurance will be upgrading and installing additional loading docks to their space, as well as completing various other base building improvements to accommodate the tenant’s operations and production machinery.

Endurance’s I-81/NEPA Bulk-Industrial Portfolio includes 7 and 15 Alberigi Drive in Jessup Borough, consisting of 166,794 SF and 129,540 SF, respectively, and a 248,640 SF building at 32 Earth Conservancy Drive (formerly 32 S. Preston Drive) in Wilkes-Barre. The portfolio is situated in the Northeast PA submarket of the I-81/I-78 Distribution Corridor, offering users immediate proximity to I-81 and close proximity to I-476 (PA Turnpike), I-80, I-84 and I-380. In addition to this new occupant at 7 Alberigi Drive, the Portfolio includes tenants such as Rehrig Penn Logistics and Kiewit Power Constructors.

The Portfolio was constructed in the late 2000’s and features Class A warehouse/distribution specifications including 30’ clear ceiling heights, ESFR sprinkler systems, and ample (and expandable)  loading capacity with full dock packages. 7 Alberigi Drive has 64,859 SF of remaining space available with existing office and shipping facilities, while the adjacent 15 Alberigi Drive building currently offers 83,566 SF with multiple storefront entrances to efficiently accommodate tenant suites down to 27,000 SF. 32 Earth Conservancy Drive in Wilkes-Barre offers a 124,080 SF contiguous block of available space (divisible down to approximately 40,000 SF units) with 1,800 SF of newly constructed office space.

This new lease follows on the heels of a 45,974 SF lease to Kiewit Power Constructors at 15 Alberigi Drive and is indicative of the strong industrial leasing activity throughout Northeastern Pennsylvania.
In addition to this three (3) building portfolio, Endurance also has an entitled land site in nearby Pittston, PA at the confluence of Interstates 81 and 476 which can accommodate up to 1,506,200 SF. For more information on this site please visit www.idcpittston.com.

About Endurance Real Estate Group
Endurance Real Estate Group, LLC (www.endurance-re.com), founded in 2002, is a Bala Cynwyd, Pennsylvania-based real estate owner/developer focused on income and value creation opportunities in the industrial and office sectors, located in the Mid-Atlantic region.  Since its formation, the company has acquired almost $450 million of assets totaling about 8.5 MSF and currently owns and operates a portfolio totaling 3.1 MSF.

Affiliates of EREG have closed on eight separate transactions in the last two years totaling over 2.3 MSF of office, warehouse, distribution and flex space, including the recent acquisition of 2000 Bishops Gate Blvd, a 305,250 SF Class A, institutional-quality building in Mt. Laurel, NJ, located immediately next to Exit 40 on I-295, which is fully available for lease.

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