An affiliate of Endurance Real Estate Group, LLC (“Endurance”) is pleased to announce the signing of a 114,550 SF lease with Can Corporation of America Inc., a subsidiary of The Giorgi Companies, Inc. at the Route 61 Distribution Center, 184 Tuckerton Road in Reading, PA (the “Property”). The lease with Can Corp continues our strong leasing activity within our Reading Industrial Portfolio. The CBRE team of Paul Touhey, Sean Bleiler and Abraham Kromah represented Endurance in this transaction.
“Our decision to purchase this portfolio is consistent with our acquisition strategy of owning and operating well-located functional industrial assets in strong in-fill and labor rich submarkets”, stated Albert J. Corr, Senior Vice President/Principal of Endurance. Corr added, “This specific space was leased prior to launching a full-blown marketing effort, which speaks to the strength of the market and lack of functional product currently available to tenants.”
Endurance acquired the Reading Industrial Portfolio, which is inclusive of 184 Tuckerton Road, the largest building in the Portfolio with 392,030 SF, in February 2022. The building is 100% occupied, in large part due to Reading’s strong labor pool and prime location to exceptional highway infrastructure that places six of the top ten U.S. MSAs and 60% of the Canadian population within a one-day truck drive. Endurance is proud to be the largest institutional owner of industrial real estate in the Reading area.
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 $1.3 billion of assets totaling 20.6 million SF and sold over 11.7 million SF with a combined value of nearly $1.0 billion. Endurance currently owns and operates a portfolio totaling over 5.3 million SF consisting of 54 buildings. Endurance is currently developing over 2.3 million SF of distribution buildings in several projects in building sizes ranging from 60,000 SF up to 1,006,500 SF as well as entitling several other projects totaling 1 million square feet.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has more than 105,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 500 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 their website at www.cbre.com.