Five-Building Naaman’s Creek Business Center Trades To SSH For $16M

by Steve Lubetkin, Globest.com
Philadelphia-based SSH Real Estate has acquired Naaman’s Creek Business Center for $16.22 million from a joint venture between Endurance Real Estate Group and Thackeray Partners. It is a 190,729 square-foot, five-building portfolio.

SSH Real Estate,  a privately held company, is known to have 11 assets worth about $458 million, according to proprietary research database Real Capital Analytics. The company was formed by Jeff Seligsohn, Peter Soens, and Robert Hess, and has been associated with $170 million in acquisitions in the past decade, Real Capital Analytics says.

“We are seeing strong demand for flex properties in good in-fill locations. Naaman’s Creek Business Center is the perfect example of this. In just two years occupancy increased nearly 60 percent, yielding a dramatic rise in value.  Functional and flexible assets, such as these play well in good, suburban locations surrounding by strong populations.”

“We are thrilled with the highly successful execution of this deal,” says Albert J. Corr, senior vice president of Endurance who handled the disposition on behalf of the seller. “The portfolio’s attractive setting and strong location enabled us to quickly stabilize it via multiple long-term leases to major tenants including a national furniture distribution company and multiple life sciences firms. This portfolio is consistent with Endurance’s acquisition strategy of acquiring functional buildings in strong in-fill locations.”

Endurance and Thackeray acquired the asset in February 2015 and executed a successful leasing strategy that increased occupancy from 30 percent to 89 percent. New tenants at the park include Zenith Freight Lines, the logistical arm of Bassett Furniture Industries, which took the entire 25,000 square-foot building at 25 Creek Circle, and Pentec Health, which leases the entire 35,000 square-foot building at 9 Creek Parkway.

The buildings, which range in size from 25,000 square feet to 60,000 square feet, are in a 125-acre business park, Naaman’s Creek Center. The buildings were constructed from the late 1990s through the early 2000s and feature all-masonry facades, 19-foot 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 (a 15-minute drive), as well as Interstate 476, which presents a direct connection from Interstate 95 to the Pennsylvania Turnpike.
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