Affiliates of Endurance Real Estate Group, LLC (“Endurance”) and CenterSquare Investment Management (“CenterSquare”) are pleased to announce the signing of a 242,960 SF lease with Progressive Converting, Inc. (“Pro-Con”) at 594 Can Do Expressway located in Hazleton, PA (the “Property”). The Property was recently purchased from Quad Graphics and rebranded as 594 Distribution Center (“594 DC”). The lease with Pro-Con increases the Property’s occupancy to 100%. The Jones Lang LaSalle team of Jeff Lockard, Lee Fittipaldi, Kim Jacobsen and Ryan Barros represented Endurance. Pro-Con was represented by Tony Gruenling of CBRE.
“Shortly after acquisition, ownership embarked on a capital improvement program which included the installation of a new roof, new LED lighting throughout the warehouse area, upgraded levelers and dock packages, select interior demolition and various office, paving and landscaping improvements” said Albert J. Corr, Senior Vice President at Endurance. Jared Newman, Vice President of acquisitions at Endurance added, “Pro-Con recognized the quality of the Property and we are thrilled we can accommodate their expansion within the park as this will be their third location within the Humboldt Industrial Park, which currently boasts a vacancy rate of less than 2%”.
594 DC is located just one mile from Exit 143 of I-81 and is part of the Humboldt Industrial Park. This location offers excellent transportation links to Interstate Highways and is within 250 miles of most major markets in the Northeast and Mid-Atlantic regions. As part of the Eastern & Central Pennsylvania Industrial Market, the Northeast Pennsylvania Industrial Market is an established center for national retail distribution and consumer goods companies in the Eastern United States.
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 12.5 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 SF consisting of 46 buildings. Existing space includes 3.3 million SF of industrial and 1.0 million SF of flex/office space. Endurance is currently developing over 2 million SF of distribution buildings in several projects in building sizes ranging from 176,000 SF up to 1.1 million SF across Pennsylvania and New Jersey.
About CenterSquare
CenterSquare Investment Management (www.centersquare.com) is a global investment manager focused on actively managed real estate and infrastructure strategies. As specialists in real assets, CenterSquare executes investment strategies designed to enhance the performance and resiliency of its clients’ investment portfolios. CenterSquare is owned by a partnership between its management team and private equity partner Lovell Minnick Partners, and is headquartered in Philadelphia with affiliate offices in Los Angeles, London and Singapore. As of June 30, 2019, CenterSquare manages over $9 billion in assets on behalf of some of the world\’s most well-known institutional and private investors.
About Progressive Converting
Progressive Converting (www.pro-con.net) was founded in 1991 by an entrepreneurial group of printing professionals who shared a profound understanding of paper, printing and the demands of mills. Their goal was to provide high-quality converting services to merchants, commercial printers and paper mills. Today, Pro-Con, located in Appleton, Wisconsin, is the largest independent paper converter by market share in the United States with five locations and distribution throughout the nation.