Purchased for Price
Sold for Price
About 2834 Schoeneck Road
In March of 2011, Endurance Real Estate Group acquired 2834 Schoeneck Rd. for $11,100,000 or $41.11 PSF on an off-market basis.
This highly functional, 270,000 SF warehouse/distribution building was constructed in 1997 and features all the modern amenities of a new distribution building including 32’ ceiling heights, 31 loading doors (crossdock capability), an ESFR sprinkler system, abundant trailer and car parking, and 20,000 SF of office space. The Property also includes nine acres of developable land which allows for an expansion of the existing building of up to 100,000 SF or a stand-alone building of up to 80,000 SF. At the time of the acquisition, the building was 100% leased to The Lehigh Group, a division of the Jarden Corporation.
During its holding period, Endurance as the operating partner successfully renewed the Lehigh Group in place for an additional five years. In addition, Endurance took the excess land through the development approval process. Through a full marketing effort, Endurance closed on the sale of the property in June of 2013 to private REIT for $16,550,000 ($61.30 PSF), realizing a 39.90% property-level IRR and a 2.01 equity multiple.