Tuesday, November 15, 2016

Endurance Signs 3 New leases & tenant expansion at Naaman’s Creek

Endurance is pleased to announce the signing of three new leases and an expansion totaling 61,384 SF at Naaman’s Creek Business Center, a five (5) building flex portfolio totaling 190,729 SF in Upper Chichester Township, Delaware County (“Portfolio”). With these leases, occupancy of the Portfolio is now 84% up from 30% at the time of acquisition in early 2015.

The recent expansion was by an undisclosed healthcare company that previously leased 17,378 SF within the Park. This tenant has expanded their operations by 17,200 SF and now fully occupies 9 Creek Parkway on a long-term lease. Diplomat leased two suites (700-701) that equal approximately 11,400 SF at 7 Creek Parkway. Diplomat serves patients and physicians in all 50 states. Headquartered in Flint, Michigan, the company focuses on medication management programs for people with complex chronic diseases, including oncology, immunology, hepatitis, multiple
sclerosis, specialized infusion therapy and many other serious or long-term conditions. Diplomat opened its doors in 1975 as a neighborhood pharmacy with one essential tenet: "Take good care of patients and the rest falls into place." Today, that tradition continues—always focused on improving patient care and clinical adherence.

SharpLink HVAC, LLC, leased 7,784 SF at Suite 200 in 23 Creek Circle. SharpLink was founded in January 2016 as a partnership between the principals of Hall Components and Mary Corey Client Services. With over 40 years of combined experience in the industry, this new company will take HVAC resale distribution and ecommerce into the future. Products currently offered on our exclusive wholesale distribution website include ACME/Miami, Beckett, Flanders, Magic Aire and UEi Test.

Zenith Freight Lines, LLC leased all 25,000 SF at 25 Creek Circle. Zenith Freight Lines was purchased in February 2015 by Bassett Furniture Industries, Inc. and is now their primary logistical arm. In addition to its trucking services, Zenith operates distribution centers in at least eight states and manages home delivery services for Bassett Home Furnishings retail stores and other retailers in local markets throughout the country. Primarily through organic growth and partially due to the Zenith acquisition, Bassett’s revenues have increased almost $200 million over the past five years.

“The leasing velocity we have experienced at Naaman’s Creek over the last 18 months is pretty
astonishing. Since acquisition we have completed ten leasing transactions including new deals and
renewals. The attractive nature of this well-located, functional flex product is desirable to many different tenants serving the immediate Delaware County market” said Albert J. Corr, Senior Vice President of Asset Management at Endurance.

Naaman’s Creek Business Park was constructed from the late 1990’s through the early 2000’s and
features all-masonry facades, 19’ clear ceiling heights, and multiple configurations to accommodate a
diversity of tenant requirements. The Portfolio fronts Route 322, providing easy access to Interstate 95 and the Philadelphia International Airport to the east (15 minutes) as well as Interstate 476, which
presents a direct connection from Interstate 95 to the Pennsylvania Turnpike.

Endurance Real Estate Group, LLC (www.endurance-re.com), founded in 2002, is a Bala Cynwyd, Pennsylvania-based real estate owner/developer focused on income and value creation opportunities located in the Mid-Atlantic region. Since its formation, the company has acquired approximately $400 million of assets totaling over 8 MSF and currently owns and operates a portfolio totaling 3.4 MSF. For additional information on Endurance, please visit http://www.endurance-re.com.
Affiliates of EREG have closed on six separate transactions in the last year totaling almost 1.4 MSF of office, warehouse, distribution and flex space, including among other assets, 550 Glen Ave & 600 Glen Ct, two bulk industrial buildings in Moorestown, NJ, and 3747 Hecktown Road, a 307,000 SF bulk industrial building in Pennsylvania’s Lehigh Valley market.


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