JLL Capital Markets arranged the sale of Middletown Logistics Center, a newly constructed Class A warehouse distribution center in Middletown, Pennsylvania.
JLL marketed the property on behalf of the seller, an affiliate of Endurance Real Estate Group and procured the buyer, Ares Management Corporation.
Endurance Real Estate Group identified the property in late 2020 when it was nearing full entitlements and was able to enhance the site plan and increase the buildable square footage prior to closing and breaking ground in the summer of 2021. “This was a rare opportunity to acquire an entitled site in a top tier location along the I-81/I-78 and still make our mark on the site plan to maximize value,” said David Erlbaum, Senior Vice President/Partner at Endurance Real estate Group.
Located at 2070 N Union Street, the 251,200 SF building was constructed in 2021-2022 providing 36-foot clear heights, LED lighting, an ESFR sprinkler system along with 42 loading doors, one drive-in door, 33 trailer stalls and 193 parking spaces.
“We set out with a goal to construct a best-in-class asset and were fortunate to secure a long-term lease with a major tenant during construction. The JLL team was instrumental throughout the lease up of the asset as well as the sale process identifying a well-known institutional buyer who executed flawlessly,” stated Albert J. Corr, Senior Vice President/Principal, who oversaw the disposition efforts on behalf of the seller.
Middletown Logistics Center is strategically positioned within the East Shore of Harrisburg, immediately off of Pennsylvania Route 283, which provides coveted access to region’s major interstates. The Property is located directly between the UPS East Zone Regional Hub totaling 775,000 square feet and a 121-acre FedEx distribution campus.
The JLL Capital Markets team was led by Senior Managing Director John Plower, Director Ryan Cottone, Associate Zach Maguire and Vice Chairman Jeff Lockard.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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 21 million SF. Endurance currently owns and operates a portfolio totaling 7 million square feet. Endurance is currently developing and entitling over 1 million square feet of distribution buildings in several projects in varying building sizes from 185,000 SF up to 635,000.