Tuesday, May 7, 2019

Endurance/CenterSquare Announce the Development of an Infill, Last Mile Industrial Warehouse in Philadelphia

An affiliate of Endurance Real Estate Group, LLC (“Endurance”) and Center Square Investment Management is pleased to announce the acquisition of 205 Schoolhouse Road, a 16.4 acre land site located in Souderton, Pennsylvania (“Project”). The partnership acquired the property from Franconia Technology Associates.

“We are excited about our latest industrial project in Montgomery County, 205 Commerce Center (“205 CC”)”, stated Albert J. Corr, Senior Vice President of Endurance.  Corr added, “Site work will be commencing in June with completion of construction by year end.”  The building will contain 176,700 RSF with concrete tilt wall construction, 32’ clear height, a TPO roof, ESFR sprinkler, LED lighting with motion sensors, up to 29 dock positions, 1 drive-in door, and a 1,000 amp, 3-phase electric system.

205 Commerce Center is in an excellent infill location within 20 miles of CBD Philadelphia, located at the recently improved and expanded Lansdale Interchange of the PA Turnpike - Exit 31 - 476 Northeast Extension.

The Montgomery County industrial market features high barriers to entry with limited land available for new industrial development. Vacancy rates in the Philadelphia Metro reached an all-time low at 4.8% in the first quarter of 2019. Tenants from industries in logistics and e-commerce, such as Amazon, made up a predominant portion of demand growth in Q1 2019. Retailers’ need to optimize their supply chains, plus Philadelphia’s convenient location, sets up the area’s industrial market for a promising 2019 and beyond.

“205 CC represents a great infill development opportunity with immediate access to the Philadelphia MSA due to the recently expanded Northeast extension of 476 from Mid-County up to Lansdale. This development will provide prospective tenants the modern attributes of a new warehouse that have been lacking in suburban Philadelphia given the shortage of new industrial product delivered over the last decade.” stated Jared Newman, Vice President of Acquisitions for Endurance Real Estate.


No comments:

Post a Comment

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