An affiliate of Endurance Real Estate Group, LLC (“Endurance”) is pleased to announce the disposition of 550 Glen Ave and 600 Glen Court, a two building, 187,569 SF industrial portfolio located in Moorestown, New Jersey for $13,520,000. The CBRE team of Michael Hines, Brad Ruppel, and Brian Fiumara represented Endurance and procured the buyer in the transaction. The buyer was an undisclosed REIT.
The buildings were constructed in the late 1970’s and feature two infill warehouse/distribution buildings along South Jersey’s I-295 corridor, providing superior access to I-295, the New Jersey Turnpike, as well as the Philadelphia and New York MSAs.
“Shortly after we acquired the 45% leased portfolio, we implemented our speculative capital improvement plan which included the replacement of both building’s roofs. Given the 550 building was 100% vacant at the time of acquisition, we focused our efforts on re-positioning this asset including painting the interior and exterior portions of the building and upgrading the lighting in the warehouse area. Shortly after we completed our renovation, we were able to secure two tenants and stabilize this portfolio”, stated Albert J. Corr, Senior Vice President at Endurance.
About Endurance Real Estate Group
Endurance Real Estate Group, LLC (www.endurance-re.com), formed 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, the company has acquired and developed over $700 million of assets totaling 13.1 million SF and sold over 6.9 million SF with a combined value of $420 million. Endurance currently owns and operates a portfolio totaling nearly 4.3 million square feet consisting of 46 buildings. Existing space includes 3.3 million square feet of industrial and 1.0 million square feet of flex/office space. Endurance is currently developing 2 MSF of distribution buildings in several projects in varying building sizes from 176,000 SF up to 1.1 MSF.
About CBRE
CBRE Group, Inc. (NYSE:CBRE), 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.com.