Monday, November 23, 2015

Endurance Real Estate Group Refi's $28M on 2 Horsham Warehouses

by Steve Lubetkin,
Endurance Real Estate Group $28 million refinanced two fully-leased industrial shallow bay warehouse and office buildings totaling 246,790 square feet in the Philadelphia suburb of Horsham, PA.

It is a 10-year, fixed-rate loan through Silverpeak Real Estate Finance.  Loan proceeds will refinance existing debt.

The 100-percent-leased portfolio consists of 200 Precision Drive and 425 Privet Road in the Pennsylvania Turnpike Corridor in Horsham, 19 miles north of Philadelphia’s CBD.  The properties are adjacent to one another and are approximately three miles from Interstate 276 (Pennsylvania Turnpike) via exit 343, which provides access to Interstates 76, 476 and 95.

The 126,500-square-foot 200 Precision Drive contains 63,000 square feet of warehouse space, 49,400 square feet of office space and a 14,200-square-foot laboratory.  The building is housed on 11.13 acres and is leased to Finisar Corporation, C&D Technologies and DrugScan.  Fully-leased to Teva Pharmaceuticals, 425 Privet Road underwent an expansion in 2008 to expand the asset to its current-day 120,290 square feet.  Situated on 13.1 acres, the property contains 615 parking spaces.

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