Wednesday, January 11, 2012

Susquehanna LP Sells Industrial Building in York

"N18 Property LP, an affiliate of Endurance Real Estate Group LLC, purchased the industrial facility at 515 N. Zarfoss Dr. in York, PA from Susquehanna Real Estate LP for $8.75 million, or about $26 per square foot.

The 309,900-square-foot industrial building is located in the York County Industrial submarket of Philadelphia. It was built in 1985 on 26.2 acres."

The Property was developed in 1982 and features all the amenities required by contemporary distribution needs including ceiling heights up to 31' clear, 28 loading doors, wet sprinkler system and approximately 6,500 SF of office space. The Property is fully leased, to syncreon.US, Inc., a specialized provider of integrated logistics services to global industries that is providing logistical support and light assembly services to Harley Davidson from this facility.

"This acquisition is indicative of the types of deals we are seeking to acquire; well-located, functional, bulk distribution buildings at an attractive basis significantly below replacement cost at a time when we are seeing a significant improvement in leasing fundamentals in the Pennsylvania I-81/I-78 industrial markets," said Benjamin Cohen, President of Endurance.
Endurance also recently acquired 2834 Schoeneck Road a 270,000 SF bulk distribution in the Lehigh Valley in March of 2011 and 420-440 Drew Court a 146,906 warehouse/flex flex facility in King of Prussia, PA in November of 2011. We continue to seek additional office and industrial assets (both stabilized and value-added) to acquire with our capital partners.

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