Thursday, January 12, 2017

Endurance Acquires of 2000 Bishops Gate Blvd, Mt. Laurel, NJ

by Benjamin Sternberg, Endurance Real Estate

An affiliate of Endurance Real Estate Group, LLC (“Endurance”) and Thackeray Partners are pleased to announce the acquisition of 2000 Bishops Gate Boulevard, a Class A 305,205 SF warehouse/distribution building located in Mount Laurel, Burlington County, New Jersey (“Property”). Endurance acquired the property from a corporate user for an undisclosed price.

The Property is a Class A industrial facility and features precast concrete construction, T-5 motion sensor lighting, a 30’ clear height, 55’ x 50’ column spacing, 25 dock-high loading doors, an ESFR sprinkler system,  6” reinforced concrete floor, 3,200 amp, 3-phase electric service, and Comcast fiber service. The building features an entryway that includes a full-length glass curtain wall and a covered walkway, ideal for companies seeking a high-end corporate image.

The Property is one of several institutional quality properties located within the prestigious, master-planned Bishops Gate Corporate Center, with corporate neighbors including Comcast, NFL Films (corporate HQ), PHH Mortgage (corporate HQ), and Title Resource Group.  The 1.45 million square foot campus has a history of institutional ownership including Brandywine Realty Trust, iStar Financial, VEREIT, and Liberty Property Trust.

The Property is located in the affluent “3M” area of Marlton, Mount Laurel, and Moorestown, immediately off of Exit 40 of I-295 and is strategically located between Exits 4 and 5 of the NJ Turnpike. In addition, Center City Philadelphia is only 20 minutes away. There is bus service to Bishops Gate from Philadelphia via New Jersey Transit and the Property also has a strong amenity base within a half-mile, including Wegmans, Starbucks, Chipotle, Panera Bread, Costco, FedEx Office, and LA Fitness, and a Marriott hotel is within walking distance.

“We are excited to acquire such an exceptionally well located and maintained Class A facility that is positioned to meet the rapidly expanding distribution needs of tenants in the Southern New Jersey market,”  stated Albert J. Corr, Senior Vice President of Endurance. “This purchase, along with our recent purchase of 550 Glen Avenue and 600 Glen Court in Moorestown, is consistent with our strategy of acquiring highly functional industrial assets in superior locations. Our attractive going-in basis and the functionality of the building will allow us to stabilize this asset during a period of historically low vacancy rates for Class A bulk/distribution space in Southern New Jersey. We have 200,000 SF of space available today.”  The acquisition of 2000 Bishops Gate increases the size of the Endurance/Thackeray footprint in metro Philadelphia to almost 500,000 square feet as they jointly own the Naaman’s Creek Business Center, a five (5) building, 190,000 square foot industrial/flex portfolio in Boothwyn, Pennsylvania

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