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ENDURANCE ANNOUNCES THE ACQUISITION OF THE PENN WARNER INDUSTRIAL PARK
Fairless Hills, Pa. — December 11, 2017 — An affiliate of Endurance Real Estate Group, LLC ("Endurance") and Thackeray Partners is pleased to announce the acquisition of the Penn Warner Industrial Park, a four (4) building warehouse/distribution portfolio totaling 240,358 SF in Fairless Hills (Bucks County), Pennsylvania ("Portfolio"). Endurance acquired the Portfolio from an undisclosed institutional seller. The acquisition was brokered by the CBRE Northeast National Partners team of Michael Hines, Brian Fiumara, Brad Ruppel, and Lauren Dawicki.
The Portfolio of buildings was constructed between 1968 and 1970, and features brick & block facades, 24'-25'5" clear ceiling heights, and an excellent dock door ratio of one door per 6,000 SF. The Portfolio is strategically situated near the intersections of Route 1 and Route 13, providing easy access to Interstate 95, Interstate 195, 295, and the NJ Turnpike. These optimal logistical connections provide unique access to New York City and Philadelphia metropolitan areas and the affluent consumer base of the northeastern corridor, attracting a number of employers to the surrounding industrial market of Lower Bucks County. Existing users within the area include Rite-Aid, Estee Lauder, Pitney Bowes, XPO Logistics, Tara Tape, and Future Foam.
"The opportunity to acquire this Portfolio at pricing that is well below replacement cost attracted us to pursue this transaction. Our attractive basis will provide the new ownership group with flexibility to invest speculative capital. These strategic investments in base building upgrades are anticipated to expedite stabilization from the current occupancy level of 62%", stated Albert J. Corr, Senior Vice President of Endurance. "Given the strength of the Lower Bucks distribution market as well as Endurance's hands-on management platform and local ownership presence, this opportunity was a natural fit given our recent value-added acquisition of buildings in the King of Prussia and Mount Laurel, New Jersey markets." Endurance previously owned this Portfolio from 2003 to 2007.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.us.