Tuesday, July 11, 2017

Endurance acquires 456,000 SF in Shiremanstown, PA

n affiliate of Endurance Real Estate Group, LLC (“Endurance”) is pleased to announce its recent off-market acquisition of 485 St. Johns Church Rd. in Shiremanstown, PA. The 712,000 SF former manufacturing/distribution/office facility is being redeveloped into over 456,000 SF of Class A bulk warehouse/distribution space. The property was owned and occupied by the Quaker Oats Company through the early 2000’s. Endurance has partnered with CenterSquare Investment Management in a joint venture to acquire and redevelop the property.

After closing, Endurance commenced demolition of approximately 500,000 SF of manufacturing, office and low-bay warehouse sections of the property.  Subsequent phases will include the renovation and expansion of the existing 28’ clear East Warehouse section, and a slab-up re-construction of the West Warehouse with a new 32’ clear, Class A facility.  Upon completion, the property will offer 456,810 SF of strategically located bulk warehouse/distribution space in an infill section of Harrisburg’s densely populated West Shore area.

The entire facility will be equipped with an ESFR sprinkler system, high efficiency T-5 lighting, a 190’ truck court, 60’ truck dock apron, significant parking for cars and trailers, and an approximately 1 per 6,000 SF loading dock ratio. The property will efficiently demise, with an existing demising wall and multiple gas and electrical service points facilitating division of the building down to 100,000 SF or smaller suites.

The West Warehouse section (210,675 SF) will feature precast wall construction @ 32’ clear, 54’ wide x 48’ deep column spacing, a 60’ deep speed bay, a 2,000 amp electrical service, an ESFR sprinkler system, and 38 loading docks fitted with 9’ x 10’ doors, 45,000 lb. levelers, bumpers, seals, lights and fans.

The East Warehouse (246,135 SF) will consist of an expanded and fully refurbished 28’ clear space improved with a new 2,000 amp electrical service, an ESFR sprinkler system, renovated office space, and supplemental loading dock positions including 9’ x 10’ doors, 45,000 lb. levelers, bumpers, seals, lights and fans.

Demolition is actively underway at the property, with a targeted delivery of July 2018 for the new 210,675 SF West Warehouse and an April 2018 delivery for the renovated and expanded 246,135 SF East Warehouse.

The site benefits from two means of ingress/egress, with frontage on both Railroad Avenue and St. Johns Church Road.  It is located less than a mile from Rt. 581 (Capital Beltway) and one mile from Rt. 15, providing immediate access to Interstates 76, 81 and 83, and enabling shipments to over 40% of the US population in one day. The property is also situated in close proximity to multiple FedEx, UPS hubs, Norfolk Southern and common carrier (OTR) hub facilities.

“We are very excited to be undertaking this unique redevelopment opportunity to deliver Class A warehouse/distribution space in such a densely populated area with terrific labor characteristics,” said David Erlbaum, Vice President of Acquisitions and Development at Endurance. “Opportunities like this are few and far between given the tremendous desirability of the Eastern PA industrial market to investors, and opportunities to acquire a site of this size in such a dense, infill location are extremely rare. We jumped all over this opportunity when it was presented to us.”

Founded in 2002, Endurance is a Bala Cynwyd, Pennsylvania-based real estate owner/developer focused on income and value creation opportunities in the Mid- Atlantic region with a concentration in office and regional and bulk warehouse/distribution assets. Endurance’s current portfolio consists of close to four million square feet of warehouse/distribution, flex, and office assets. Affiliates of Endurance have closed on nine separate transactions over the last 3 years, totaling over 2.5 million square feet of warehouse, distribution, office, and flex space. For additional information on Endurance, please visit www.endurance-re.com.

CenterSquare is a global investment manager focused on actively managed real estate and infrastructure strategies. Founded in 1987, it operates as one of the investment boutiques of BNY Mellon Investment Management. CenterSquare manages approximately $8.0 billion of real estate and infrastructure securities through CenterSquare Investment Management, Inc. and approximately $1.2 billion (gross) of debt and private equity real estate investments through CenterSquare Investment Management Holdings, Inc. (together referred to as “CenterSquare”).
www.omegare.com

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