By Carlos Likins CoStar News
An affiliate of Endurance Real Estate Group has sold a fully leased distribution facility in the Lehigh Valley, Pennsylvania, region for $62.3 million.
The Radnor-based owner and developer sold the property to RLIF Hecktown SPE LLC, an entity that shares the same address as real estate investor Realterm, according to Northampton County real estate records.
The 307,290-square-foot facility was built in 1986 and expanded in 2013. It is located on 28.5 acres at 3747 Hecktown Road in Easton off Route 33 on the eastern edge of the Lehigh Valley. The facility is fully occupied by Phillips Pet Food & Supplies, serving as the company's corporate headquarters and primary distribution location in the Northeast.
"Demand on this asset was very strong as buyers continue to seek well-located stabilized assets throughout Eastern Pennsylvania, particularly in the Lehigh Valley."
This marks Endurance's fourth sale this year. Over the last 90 days, the company purchased and began construction on a 1 million-square-foot speculative distribution center in Olyphant, commenced construction a 251,200-square-foot speculative distribution center in Middletown, purchased a 1.6 million-square-foot building in York and completed construction on a two-building, 330,000-square-foot speculative industrial park in Berks County.
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