November 1, 2022
An affiliate of Endurance Real Estate Group, LLC (“Endurance”), in partnership with an affiliate of the Guardian Life Insurance Company of America (“Guardian”), is pleased to announce the acquisition and commencement of construction of the Chambersburg Logistics Park, a 93-acre site located immediately off of Exit 10 along I-81 in Chambersburg, Pennsylvania. Endurance diligently obtained all land development entitlements for the project during the past two years and is excited to be partners with Guardian on the companies’ first joint-venture. The Cushman & Wakefield team of Gerry Blinebury, John Alascio, TJ Sullivan, Chuck Kohaut, Collin Potter and Chris Meloni, served as the exclusive advisor to Endurance on capitalizing the $115 million project. PNC Bank National Association, a new lending relationship to Endurance, provided construction financing for the Project.
“We are thrilled to close on this land acquisition and kick off speculative development with Guardian on our first project together,” said Benjamin Cohen, President of Endurance. “The Cushman team did a great job helping us navigate the ever-evolving capital markets, enabling us to capitalize our largest transaction to date for this shovel-ready site.”
Jared Newman, Senior Vice President / Partner of Endurance added: “This Project is a continuation of our long-term strategy to acquire and develop sites that offer superior access, proximity to abundant labor, and the ability to provide best-in-class design features to attract a variety of high-quality users.”
Endurance will oversee the construction of the 1,006,500 square-foot cross-dock warehouse/distribution facility, which will include state-of-the-art features, including:
- tilt-wall panel construction
- 40’ clear height
- 60’ deep speed bays, 56’ wide x 48’ deep typical column spacing
- high-bay LED lighting with motion sensors
- 60 mil fully-adhered roof membrane
- ESFR sprinkler system
- 166 overhead dock door positions of which 101 will be equipped with 9’ x 10’ doors with mechanical levelers, bumpers, seals and dock lights
- Four 14’ x 16’ drive-in doors
- 213 trailer stalls (expandable to 303) and 375 car parking spaces (expandable to 561)
- 4,000 amp, 3-phase main electric service.
Construction has commenced and the building is expected to be delivered in the fourth quarter 2023.
The Project is located immediately off Exit 10 of I-81 providing full visibility from the highway and allows easy access to other key US Interstates (I-76, I-70, and I-78) which are some of the most traveled highways in the Northeast. The location benefits from its proximity to major east coast markets and, regional seaports and has access to multiple air, rail, and highway systems. The project is less than 10 miles from both a Norfolk Southern & CXS Intermodal yard and has several FedEx & UPS facilities in the vicinity.
The Cushman and Wakefield leasing team of Gerry Blinebury, Adam Campbell and Alex Wenger have been named the exclusive listing agent for the project.
“Chambersburg Logistics Park is ideally located in the heart of the Interstate 81 industrial corridor, one of the most desired distribution locations among big-box industrial users,” said Blinebury. “The property is perfectly positioned to take advantage of continued low vacancy and high absorption for Class A industrial space in this market.”
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 $1.4 billion of assets totaling 20.9 million SF and sold 11.8 million SF with a combined value of $1billion. Endurance currently owns and operates a portfolio totaling over 5.1 million square feet. Endurance is currently developing over 2.6 million square feet of distribution buildings in several projects in varying building sizes from 60,000 SF up to 1,006,500 as well as entitling several other projects totaling over 1.4 million square feet.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.