Affiliates of Endurance Real Estate Group, LLC (“Endurance”) and DWS Group’s U.S. real estate platform (“DWS”) are pleased to announce the acquisition of 693 North Hills Rd., a 28.16 acre land site located in Springettsbury Township, York County, Pennsylvania (“Project”). The partnership acquired the property from an affiliate of Aesys Corp who formerly occupied the existing buildings at the site. Redevelopment of the site has commenced with the demolition of all prior structures on the site.
Endurance’s plans call for construction of a modern bulk warehouse building, which will contain 352,000 RSF with concrete tilt wall construction, 36’ clear height, a TPO roof, ESFR sprinkler, LED lighting with motion sensors, 35 fully equipped dock positions including 45,000 lbs. levelers, a potential additional 29 dock positions, a 185’ truck court, ample trailer and car parking, 2 drive-in doors, adjacency to Class I rail, and a 3,000 amp, 3-phase electric system. Construction has already commenced and expected delivery is anticipated in the first quarter of 2020.
The Project provides an infill location immediately south of US Route 30, and less than half mile from Interstate 83, the primary thoroughfare providing connections to the greater Mid-Atlantic region.
“We are thrilled to be working on another project in the densely populated York submarket, which has seen historically low vacancy rates and little new product within the warehouse market, especially in the heart of York where the subject site is located. Within 20 minutes of the site, there is a dense labor pool of close to 300,000 people which will be attractive to potential tenants along with the surrounding retail amenities”, stated David Erlbaum, Senior Vice President at Endurance.
“This project represents another acquisition, demolition, and redevelopment of a former manufacturing facility which has become a core focus of our recent development activities”, stated Benjamin Cohen, President of Endurance.
“York County is a preferred location within the broader Central Pennsylvania industrial market given the area’s infill nature and higher population density, providing for improved labor access and a more attractive amenity base,” said Todd Henderson, Head of Real Estate, Americas at DWS. “Upon completion, the project will be one of the highest quality buildings in York, which, coupled with its location, should achieve strong tenant demand and rental rates given its market position.”
Patrick Lafferty of CBRE represented the seller in this transaction. The CBRE team of Patrick Lafferty, Michael Hess and Bart Anderson will be representing the DWS-Endurance partnership on the leasing side.
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 $700 million of assets totaling 12.5 million SF and sold over 6.9 million SF with a combined value of $420 million. Endurance currently owns and operates a portfolio totaling nearly 4.3 million square feet consisting of 46 buildings. Existing space includes 3.3 million square feet of industrial and 1.0 million square feet of flex/office space. Endurance is currently developing 2 MSF of distribution buildings in several projects in varying building sizes from 176,000 SF up to 1.1 MSF.
About DWS Group
DWS Group (DWS) is one of the world’s leading asset managers with $790.8 billion of assets under management (as of March 31, 2019). Building on more than 60 years of experience and a reputation for excellence in Germany and across Europe, DWS hopes to be recognized by clients globally as a trusted source for integrated investment solutions, stability and innovation across a full spectrum of investment disciplines.
We offer individuals and institutions access to our strong investment capabilities across all major asset classes and solutions aligned to growth trends. Our diverse expertise in Active, Passive and Alternatives asset management – as well as our deep environmental, social and governance focus – complement each other when creating targeted solutions for our clients. Our expertise and on-the-ground-knowledge of our economists, research analysts and investment professionals are brought together in one consistent global CIO View, which guides our strategic investment approach.
DWS wants to innovate and shape the future of investing: with approximately 3,600 employees in offices all over the world, we are local while being one global team.
The brand DWS represents DWS Groups GmbH & Co., KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas Inc. and RREEF Americas L.L.C., which offer advisory services.
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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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 www.cbre.com.