An affiliate of Endurance Real Estate Group, LLC (“Endurance”) is pleased to announce the acquisition of 360 Maplewood Drive in Hazelton, Pennsylvania (“Property”). Endurance acquired the property from an undisclosed seller in an off-market short term sale-leaseback transaction that was arranged by Mike Hess of CBRE.
“We are excited to have completed our second warehouse acquisition within Humboldt Industrial Park in the last 24 months,” said Jared Newman, Senior Vice President of Acquisitions for Endurance Real Estate. “The building is highly functional with unique building attributes including 16,000 amps of electrical power and rail access which along with our capital improvement plan will make it an attractive destination for both distribution and manufacturing users.”
360 Maplewood is a 191,979 SF manufacturing and distribution center that was constructed in 1993 and expanded in 1995 and is located in the Humboldt Industrial Park. The Property has a 30’ clear height with 11 dock doors and 2 drive in doors, abundant power of 16,000 amps and rail access direct to Reading Blue Mountain with connections to 2 Class 1 railroads. Endurance’s capital improvement program calls for the installation of a new roof, upgraded LED lighting, and upgrading to an ESFR sprinkler system.
The Property is located just two miles from Exit 143 of I-81 and 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.
The CBRE team of Mike Hess, Pat Lafferty, and Bart Anderson have been named the exclusive listing agent for the Property. The entire 191,979 SF building will be available in the 3rd quarter of 2021.
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 $815 million of assets totaling 14.6 million SF and sold over 9.9 million SF with a combined value of $700 million. Endurance currently owns and operates a portfolio totaling over 3.8 million square feet consisting of 44 buildings and over 140 acres of land to be developed.
About CBRE
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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 our website at http://www.cbre.com/