Thursday, February 9, 2017

Endurance And Thackeray Acquiring 305K SF Industrial Property

by Steve Lubetkin,
A joint venture of Endurance Real Estate Group and Thackeray Partners is acquiring and repositioning 2000 Bishops Gate Boulevard, a 305,250-square-foot, class A industrial warehouse property in the suburban Philadelphia community of Mount Laurel, NJ.

The partners acquired the property from Masahiko Morioka for an estimated $12 million.

$10 million in financing was arranged  through an institutional lender. Real Capital Analytics says the building is 100 percent leased to OKI Data Americas for a headquarters and distribution center, but HFF says the new owners expect to reconfigure the property, reducing the office space and increasing warehouse space to meet the immediate market demand for class A bulk distribution warehouse space in southern New Jersey.

Situated on 43.48 acres, the building is located within the 1.45 million-square-foot, master-planned Bishops Gate Corporate Center at the intersection of Route 38 and Interstate 295 (near the New Jersey Turnpike), which provides access to central and northern New Jersey.

The property, which is part of the South Burlington County Industrial submarket, is in the “3M” area of Marlton, Mount Laurel and Moorestown approximately 20 miles east of downtown Philadelphia.  The 2000 Bishops Gate Boulevard building is currently available for lease and has a 30’ clear height, 55’ by 50’ column spacing and 25 loading docks with one compactor door and two drive-in doors.

“The strength of the real estate and location along with the quality of the sponsorship attracted lenders and led to a favorable outcome.”

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