Affiliates of Endurance Real Estate Group, LLC (“Endurance”) and Greystar-Thackeray (“Thackeray”) are pleased to announce the acquisition of a 200,359-square-foot multi-tenant light industrial portfolio consisting of six buildings in West Norriton, Pennsylvania. This marks the 12th joint venture between Endurance and Thackeray since 2006. The Cushman & Wakefield team, led by Gerry Blinebury, Jonas Skovdal, and Brendan McGeary, represented the seller in the transaction and John Alascio, Aaron Graves, and TJ Sullivan, also from Cushman & Wakefield assisted in securing the acquisition financing for the buyer.
“We are excited about this acquisition, which expands our light industrial footprint in the coveted suburban Philadelphia submarket of King of Prussia,” said Benjamin Cohen, President of Endurance. “The infill nature of the portfolio in a submarket where we have first-hand experience with similar type assets, make it a compelling opportunity to acquire with one our longest standing partners Thackeray.
The property is fully leased to fifteen tenants ranging from large multi-national corporations to regional service-oriented companies. Current rents are meaningfully below market, offering substantial value-add potential through near-term lease rollover. Jonas Skovdal and Chris Butera, both from Cushman & Wakefield have been appointed as the exclusive leasing agents for the portfolio, including an upcoming 19,800 SF availability at 2562 Boulevard of the Generals.
Jared Newman, Senior Vice President and Partner at Endurance, added, “This acquisition continues our long-held strategy of targeting well-located, highly functional light industrial properties with high barriers to entry with limited competitive supply.”
“Partnering with Endurance on this acquisition exemplifies our shared commitment to strategically positioning ourselves in properties with strong potential for value creation,” said Joe Chu, senior managing director at Greystar. “The West Norriton portfolio aligns perfectly with our strategy, and we look forward to leveraging our collective expertise to maximize its performance in this dynamic market.”
The six-building portfolio includes properties located at 2495, 2562, and 2564 Boulevard of the Generals, as well as 603 General Washington Avenue. These properties feature clear heights ranging from 18 to 20 feet, 530 parking spaces, and 46 loading positions, offering superior parking and loading ratios compared to most comparable properties. The prime location offers easy access to major highways, including Interstates 277, 76, and 476, as well as US Routes 422 and 202, positioning the properties within a one-day truck drive of six of the top 10 U.S. MSAs and 60% of the Canadian population.
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 over 7.4 million square feet. Endurance is currently developing over 1.2 million square feet of distribution buildings in several projects in varying building sizes from 234,880 SF up to 1,006,500 SF as well as entitling several other projects totaling roughly 1 million square feet.
About Greystar-Thackeray
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $320 billion of real estate in approximately 250 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages nearly 997,000 units/beds globally, and has a robust institutional investment management platform comprised of over $78 billion of assets under management, including $36 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.
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 52,000 employees in nearly 400 offices and approximately 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services.