Wednesday, July 13, 2016

Endurance Acquires Burlington County Industrial Portfolio For $5.7 Million

by Steve Lubetkin,
An affiliate of Endurance Real Estate Group is acquiring 550 Glen Avenue and 600 Glen Court, a two building, 45 percent-occupied warehouse portfolio totaling 187,569 square feet in Moorestown, NJ, for $5.7 million.

“This Portfolio provides a rare opportunity to acquire very functional warehouse buildings in a strong infill industrial market,” says David Erlbaum, acquisitions associate at Endurance. “With a low basis, in-place cash flow from the existing tenancy, and the planned improvements to 550 Glen Avenue, we feel confident in our plan to stabilize the Portfolio in the near-term and are well on our way with the new 50,000 square-foot lease we just signed.”

This portfolio resides in an infill section of the strong Burlington County industrial real estate market which is part of the greater Philadelphia MSA.

600 Glen Court is an 85,337 square foot warehouse building fully occupied by The Goodyear Tire and Rubber Company and FinishMaster. The in-place cash flow combined with comprehensive planned improvements will support the lease up of 550 Glen Avenue next door, a warehouse building totaling 102,232 SF with a 22-foot clear height, 2,000 amp three-phase electric service, 40-foot x 40-foot bays, 14 loading docks, and the potential for rail service.

Shortly after closing, Endurance signed a lease for half of the vacancy at 550 Glen Avenue increasing the occupancy of the portfolio to 73 percent. The remaining vacant space is just shy of 50,000 square feet and includes almost 4,000 square feet of office space. The buildings provide superior access to Philadelphia, a 20 minute drive, and the Southern New Jersey market via state Route 73 (2 miles away), I-295 and the NJ Turnpike.

Planned immediate improvements to 550 Glen Avenue include upgrading the warehouse lighting, milling and repaving the parking lot, upgrading dock doors with new levelers and seals, exterior painting, upgraded landscaping and a full roof replacement.

The Endurance team has considerable ownership experience in the Southern New Jersey market. In nearby Cherry Hill, NJ, affiliates of Endurance own and manage over 800,000 square feet of warehouse, flex, and single-story office space at the Cherry Hill Business Park and Colwick Business Center.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.