An affiliate of Endurance Real Estate Group, LLC (“Endurance”) and Thackeray Partners (“Thackeray”) is pleased to announce the disposition of 2000 Bishops Gate, a 292,466 SF, Class A industrial warehouse, located in Mount Laurel, New Jersey (“Property”) for $32.2 million.
The building was constructed in 1988 and renovated in 2019. It features 32’ clear ceiling heights, an ESFR sprinkler system and ample loading capacity with full dock packages for its 35 dock positions. The Property is strategically located on NJ Route 38, a principal East/West highway in Burlington County, NJ and offers access to Exits 4 and 5 of the NJ Turnpike and Exit 40 of I-295. The Property was 100% leased to two tenants at closing.
“We are thrilled to see the transformation of this project through its stabilization to disposition," stated Albert J. Corr, Senior Vice President from Endurance. “We acquired the building in early 2017 knowing it would be vacant within a few months. We set forth on a full scale $5 million capital improvement plan to upgrade and modernize the Property to make it a very attractive option for prospective tenants. We demolished 75,000 sf of office areas in the building, replaced the roof, installed new LED lighting throughout the warehouse and added ten (10) additional dock doors to meet the demand of today’s industrial tenants,” concluded Corr. Benjamin Cohen, President of Endurance, added, “Our ongoing partnership with Thackeray includes 10 deals together in the greater Philly MSA, this transaction being a very successful one. Burlington County has seen a tremendous uptick in tenant demand and investor interest in the last few years and with our business plan completed we were able to capitalize on that growth.”
www.omegare.com
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