Thursday, September 26, 2019

JV Sells 485 Distribution Center for $42.5 Million

by John Jordan
A joint venture between Endurance Real Estate Group and CenterSquare Investment Management has sold 485 DC in Shiremanstown, Pennsylvania, to Denver-based Black Creek Group for $42.5 million, or $93 per square foot.

The 457,000-square-foot distribution center at 485 St. Johns Church Road was built in 1955 and redeveloped in 2018. Spanning nearly 27 acres placed off of the Capital Beltway, the facility includes 72 loading docks with 48 levelators, two drive-in bays, LED lights, ESFR sprinkler system and a 32-foot clear ceiling height.

At the time of the sale, the building was 100% leased to XPO Logistics and Dayton Parts with a weighted average remaining term of over eight years.

Endurance SVP of Development David Erlbaum said in a statement, "This was a long project in the making, two years of being under contract working through a de-leasing effort of a partially occupied obsolete manufacturing and office building, procuring entitlements, followed by another two years working on the demolition and successful redevelopment and lease up of the project."

Headquartered in Radnor, Pennsylvania, Endurance has acquired and developed more than $700 million of assets totaling 13.5 million square feet and sold over 7.5 million square feet with a combined value of $475 million since its launch in 2002, according to its website.

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