An affiliate of Endurance Real Estate Group, LLC (“Endurance”) is pleased to announce it has received full entitlements and has now commenced speculative construction on a two-building warehouse project containing 289,042 SF at 2609 Rancocas Road located in Burlington, NJ (the “Property”).
Over the last 18 months, Endurance designed the site to attract high quality warehouse users and has secured entitlements and approvals necessary to begin construction. Endurance will act as development manager and oversee general contractor Arco Design / Build Industrial during the construction of the Property on behalf of development partner Cabot Properties. The buildings are expected to be completed by early 4Q 2021. Kurt Montagano of Newmark represented the Seller in the transaction and John Plower, Nate Demetsky, and Ryan Cottone of JLL Capital Markets (“JLL”), advised Endurance.
“We are excited to see this speculative project kick off and especially proud of our team’s perseverance in efficiently achieving approvals despite various site complexities and other unique hurdles relating to the global pandemic. This is our first development alongside Cabot Properties, and we look forward to completing construction and ultimate lease up of the Property,” says Jared Newman, VP of Acquisitions of Endurance.
“Despite the current health crisis, the strength of the Burlington County submarket and all of New Jersey has not slowed a bit and, if anything, tenant demand has accelerated. We are bullish on our ability to pre-lease these buildings with their best-in-class-design features and superb location,” noted Benjamin Cohen, President of Endurance.
2609 Rancocas contains two buildings totaling 289,042 square feet and is located in the heart of the Central New Jersey Industrial market of Burlington Township, providing immediate access to Exit 47 of I-295 and Exit 5 of the NJ Turnpike (2609 Rancocas Road Flyer):
- Building One (217,986 SF) will be a newly constructed 36’ clear industrial facility equipped with 42 loading docks, 2 drive in doors, LED lighting, an ESFR sprinkler system, 180 car parking spaces, and 28 trailer parking spaces.
- Building Two (71,056 SF) will be a newly constructed 32’ clear industrial facility equipped with 13 loading docks, 1 drive in door, LED lighting, an ESFR sprinkler system, and 69 car parking spaces.
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 $800 million of assets totaling over 14.5 million SF and sold over 9.7 million SF with a combined value of $680 million. Endurance currently owns and operates a portfolio totaling over 3.8 million square feet consisting of 45 buildings. Existing space includes 3.1 million square feet of industrial and 700,000 square feet of flex/office space. Endurance is currently developing over 1 million SF of distribution buildings across several projects in varying building sizes from 71,000 SF up to 352,000 SF. To learn more visit www.endurance-re.com or follow @EnduranceREGrp on Twitter and Endurance LinkedIn.
Cabot Properties is an international private equity real estate investment firm exclusively focused on industrial properties. Formed in 1986, the firm is a leading investor, developer and operator of industrial properties throughout North America, the United Kingdom and Europe. Cabot has invested over $10 billion in industrial real estate, managing and operating nearly 3,900 tenants in over 1,400 buildings totaling approximately 190 million square feet. Cabot is headquartered in Boston with offices in London and Sydney
About Newmark Group, Inc. (NASDAQ: NMRK)
Newmark Group, Inc. is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology and industry expertise, Newmark brings ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark Group, Inc. generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.