An affiliate of Endurance Real Estate Group, LLC and Thackeray Partners (“Endurance”) is pleased to announce a new lease at 780 Third Avenue in King of Prussia (“Property”). Cambria Company, LLC, the leading producer of made-in-America natural quartz surfaces, will occupy the entire building. This location will serve as a Cambria distribution center and showroom location serving the Mid-Atlantic region. The tenant was represented by Doug Fulton and Peter Greenhalgh of Avison Young. Endurance was represented by the CBRE team of Paul Touhey and Andrew Green.
Cambria Company, LLC, (www.cambriausa.com), headquartered in Le Sueur, Minnesota, is the leading domestic producer of quartz surface products. It is a family-owned, American-made company that employs more than 2,000 across North America. Cambria currently operates 32 facilities, including its Minnesota production center as well as fabrication shops, distribution centers, and galleries across the country.
780 Third Avenue is part of a 292,769 SF five-building portfolio Endurance purchased in early 2017. Shortly after acquisition, Endurance directed a full cleanup and make-ready program for the 70% occupied portfolio. Speculative improvements included paving, various landscaping enhancements, and roof replacements, as well as loading dock door upgrades and interior and exterior painting.
Albert J. Corr, Senior Vice President of Endurance Real Estate Group stated, “We are thrilled to welcome Cambria into our portfolio. Their use is perfect for the asset, and this building should enable them to service their customer base for many years to come. This transaction will increase the KOP portfolio’s occupancy level to 100%, which further demonstrates the demand from national tenants for quality infill locations. ”
About Endurance Real Estate Group
Endurance Real Estate Group, LLC (www.endurance-re.com), founded in 2002, is a Radnor, Pennsylvania-based real estate owner/ developer focused on income and value add industrial opportunities located in the Mid-Atlantic region. Since its formation in 2002, the company has acquired approximately $500 million of assets totaling 10 million SF and sold over 6.2 million SF with a combined value of $350 million.
Affiliates of EREG have closed on six separate transactions in the past two years totaling almost 1.8 MSF of office, warehouse, distribution and flex space, including among other assets, the Penn Warner Industrial Park, a 240,358 SF light industrial rail-accessible portfolio located within minutes of the PA Turnpike in Bucks County, PA, and 2000 Bishops Gate Boulevard in Mount Laurel, NJ, a 309,250 SF Class A industrial building which is now available for lease.
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 and multifamily 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 $4.6 billion, representing equity placements of over $930 million. Total investment activity includes over 190 separate transactions representing approximately 20,500 apartment units and 19.1 million square feet of industrial space. For more information, visit www.thackeraypartners.com.