Thursday, June 11, 2015

Endurance Real Estate Group Sells 420 and 440-488 Drew Court in King of Prussia, PA

An affiliate of Endurance Real Estate Group, LLC of Bala Cynwyd, PA and its joint venture equity
partner, Thackeray Partners of Dallas, TX, are pleased to announce the sale of 420 and 440-488 Drew
Court, two class A warehouse/flex buildings totaling 146,906 square feet, situated on 8.53 acres of land (the “Property”). The Property, situated in King of Prussia, Pennsylvania within two miles of the largest interchange of major roadways in Pennsylvania, was sold to a private REIT.

The Endurance/Thackeray JV acquired the Property in December of 2011. It was developed in 1975 and features all the amenities required by contemporary distribution/flex tenants including 20-22’ ceiling heights, 24 loading doors, wet sprinkler system, and approximately 30,000 SF of office space (20%). It is currently 100% occupied, and has averaged 95% occupancy for the past 10 years.
With convenient access to the Pennsylvania Turnpike (I-76/I-476), Routes 202 & 422, and the I-95
corridor, the Property is located in the core of the King of Prussia, a major hub for business and industry within the Philadelphia region. This location provides access to over 33% of the United States population and 50% of Canadian consumers within an 8-hour truck commute. In addition to one of the largest retail malls in the country and the largest suburban office market in the Philadelphia metropolitan region, King of Prussia is home to many distribution and manufacturing operations, and is a strong, coveted location for functional flex industrial product such as Drew Court.

During its holding period, Endurance as the operating partner successfully expanded a major tenant,
Pinnacle Textile Industries, on two separate occasions, as well as extended their lease term and
successfully retained other tenants during its ownership period. “Upon acquisition we were successful in implementing a base-building renovation program which was a key factor in maintaining 100%
occupancy during our holding period. The access to the property with the recent creation of the
Henderson Road slip ramp off of I-76 was further improved. Due to the stability of the rent roll, in-fill nature of the asset, and lack of industrial product for sale it was an optimal time to sell and a successful investment for our joint venture.” said Benjamin Cohen, President of Endurance.
The sale of the Property comes on the heels of Endurance/Thackeray’s recent purchase of Naaman’s
Creek Business Center, a five (5) building flex portfolio totaling 190,729 SF in Upper Chichester
Township, Delaware County, which is actively being marketed for lease.

Endurance Real Estate Group, LLC (, founded by Benjamin Cohen and Bill
White in 2002, 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 regional and bulk
warehouse/distribution assets. Endurance’s current portfolio consists of 4.0 MSF of
warehouse/distribution, flex, and office assets. Since its formation, the company has acquired
approximately $400 million of assets totaling 7.5 MSF and disposed of nearly 3.0 MSF with a value of $200 million. Affiliates of Endurance have closed on three separate transactions in 2015 totaling almost 835,000 SF of warehouse, distribution and flex space.

Thackeray Partners was formed in January of 2005 by Mary Hager and Tony Dona to acquire and invest in a diversified portfolio of U.S. real estate investments through private equity funds. To date, Thackeray has closed or committed to transactions totaling over $3 billion, representing equity placements of over $747 million.

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