An affiliate of Endurance Real Estate Group, LLC (“Endurance”) and Thackeray Partners is pleased to announce the acquisition of 2000 Bishops Gate Boulevard, a Class A 305,250 SF warehouse/distribution building located in Mount Laurel, Burlington County, New Jersey (“Property”). Endurance acquired the property from a corporate user for an undisclosed price. CBRE, Inc. represented the Seller in this transaction.
The Property is a Class A industrial facility and features precast concrete construction, T-5 motion sensor lighting, a 30’ clear height, 55’ x 50’ column spacing, 25 dock-high loading doors, an ESFR sprinkler system, 6” reinforced concrete floor, 3,200 amp, 3-phase electric service, and Comcast fiber service. The building features an entryway that includes a full-length glass curtain wall and a covered walkway, ideal for companies seeking a high-end corporate image.
The Property is one of several institutional quality properties located within the prestigious, master-planned Bishops Gate Corporate Center, with corporate neighbors including Comcast, NFL Films (corporate HQ), PHH Mortgage (corporate HQ), and Title Resource Group. The 1.45 million square foot campus has a history of institutional ownership including Brandywine Realty Trust, iStar Financial, VEREIT, and Liberty Property Trust.
The Property is located in the affluent “3M” area of Marlton, Mount Laurel, and Moorestown, immediately off of Exit 40 of I-295 and is strategically located between Exits 4 and 5 of the NJ Turnpike. In addition, Center City Philadelphia is only 20 minutes away. There is bus service to Bishops Gate from Philadelphia via New Jersey Transit and the Property also has a strong amenity base within a half-mile, including Wegmans, Starbucks, Chipotle, Panera Bread, Costco, FedEx Office, and LA Fitness, and a Marriott hotel is within walking distance.
“We are excited to acquire such an exceptionally well located and maintained Class A facility that is positioned to meet the rapidly expanding distribution needs of tenants in the Southern New Jersey market,” stated Albert J. Corr, Senior Vice President of Endurance. “This purchase, along with our recent purchase of 550 Glen Avenue and 600 Glen Court in Moorestown, is consistent with our strategy of acquiring highly functional industrial assets in superior locations. Our attractive going-in basis and the functionality of the building will allow us to stabilize this asset during a period of historically low vacancy rates for Class A bulk/distribution space in Southern New Jersey. We have 200,000 SF of space available today.” The acquisition of 2000 Bishops Gate increases the size of the Endurance/Thackeray footprint in metro Philadelphia to almost 500,000 square feet as they jointly own the Naaman’s Creek Business Center, a five (5) building, 190,000 square foot industrial/flex portfolio in Boothwyn, Pennsylvania
Endurance is also pleased to announce the engagement of the JLL South Jersey industrial team comprised of Paul Torosian, John Gartland, and Dean Torosian who will handle the leasing of the Property.
About Endurance Real Estate Group
Founded in 2002, Endurance is a Bala Cynwyd, Pennsylvania-based real estate owner/developer focused on income and value creation opportunities in the Mid- Atlantic region with a concentration in office and regional and bulk warehouse/distribution assets. Endurance’s current portfolio consists of almost four (4) million square feet of warehouse/distribution, flex, and office assets. Affiliates of Endurance have closed on eight (8) separate transactions over the last 2 years, totaling approximately 2.3 million square feet of warehouse, distribution, office, and flex space. For additional information on Endurance please visit www.endurance-re.com.
About Thackeray Partners
Founded in 2005, Thackeray Partners is a real estate investment firm seeking a diversified portfolio of stabilized, value-add, and development opportunities in industrial, multifamily, and retail properties throughout the United States, with a balance of income and capital appreciation on behalf of its partners. Thackeray invests in real estate through a series of private equity funds. The limited partners of Thackeray’s funds consist primarily of university and hospital endowments, charitable foundations, and U.S. based family offices. Since inception, Thackeray has closed on joint venture and direct real estate transactions totaling over $3.8 billion, representing equity placements of over $800 million. Total investment activity includes over 175 separate transactions representing approximately 18,500 apartment units, 14 million square feet of industrial space, and 4 million square feet of retail space. For more information, visit www.thackeraypartners.com.