Wednesday, August 21, 2019

Endurance announces the sale of the King of Prussia Industrial Portfolio in King of Prussia, Pennsylvania

An affiliate of Endurance Real Estate Group, LLC (“Endurance”) and Thackeray Partners (“Thackeray”) is pleased to announce the disposition of the King of Prussia Industrial Portfolio, a five (5) building, 292,110 SF industrial/flex portfolio located in King of Prussia, Pennsylvania (“Property”)

The buildings were constructed in the 1960’s and 1970’s and feature Class B warehouse/distribution specifications including 22’ average clear ceiling heights, wet sprinkler systems and ample loading capacity with full dock packages. The portfolio is situated in the Montgomery County submarket of the Philadelphia MSA industrial market, offering users immediate proximity to I-276 and close proximity to I-76 and I-476. The portfolio was 95% leased at closing.

“Immediately after we acquired the 72% leased portfolio, we implemented our speculative capital improvement plan for the portfolio focusing on the large 60,000 SF vacancy at 780 Third Avenue. We started with the demolition of the second story office area at the building. We then focused our attention to the exterior of the building where improvements were made to the main entrance and parking areas of the building. Interior and exterior painting of the building was completed as well as various landscaping upgrades. Shortly after our renovation was complete, we secured a long term lease for the entire building with a national tenant to stabilize the portfolio”,

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