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Date Purchased
December 2011
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Date Sold
June 2015
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Purchased for Price
$9.25M
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Sold for Price
$11.90M
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Purchased for
PSF$62.97
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Sold for
PSF$81.00
Equity Invested
3.8M
Equity Multiple
1.83x
Property-Level IRR
21.58%
About Drew Court
420 and 440-488 Drew Court were purchased by an affiliate of Endurance in partnership with Thackeray Partners of Dallas, Texas. Located in King of Prussia, PA, these two Class A warehouse/flex buildings were developed in 1975, and have 24 loading doors, a wet sprinkler system, and approximately 30,000 SF of office space (20%). The strong physical aspects of the property, along with the fantastic location near the Pennsylvania Turnpike and I-95 Corridor, allowed the EREG/Thackeray partnership to successfully expand a major tenant, Pinnacle Textile Industries, after implementing a base-building renovation program. The successful investment yielded a property-level IRR of 21.58% and a multiple of 1.83x to its investors.