King of Prussia, PA

Drew Court

  • Purchase Price

    $9.25M

  • Sold Price

    $11.90M

  • Date Purchased

    December 2011

  • Date Sold

    June 2015

  • Purchased for Price

    $9.25M

  • Sold for Price

    $11.90M

  • Purchased for
    PSF

    $62.97

  • 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.