An affiliate of Endurance Real Estate Group, LLC (“Endurance”) is pleased to announce the acquisition of 450 Winks Lane, a 430,373 SF warehouse/distribution building located in Bensalem, Pennsylvania (“Property”). The Property is 97.4% leased to three tenants, National Refrigeration, Inc., Rolled Metal Products, Inc. and Brenner Aerostructures, LLC. Endurance acquired the property from Ivy Realty, LLC for $23.7MM. The team of Gerry Blinebury, Gary Gabriel, Kyle Schmidt and Jonas Skovdal of Cushman & Wakefield, Inc. represented the Seller in this transaction.
The Property’s desired location along I-95 provides convenient north, south, east and west access to the Greater Philadelphia MSA via the PA Turnpike (I-276) and Route 1. The Bensalem market is a mature infill destination with a history of high occupancy. According to Cushman & Wakefield, the greater Southeastern PA industrial market is reporting a vacancy rate of 3.2%, and this rate is even lower in the Lower Bucks County submarket at 1.1%. The Property is strategically located within a day’s drive to over 115 million consumers and should significantly benefit from the recently completed $1.1 billion I-95 and PA Turnpike Interchange Project.
Built in 1973, and renovated in 2018, 450 Winks is a Class B industrial facility with masonry and metal panel construction, ceiling heights up to 40’ clear, LED and T-5 lighting, 38 dock-high loading doors, 6 drive-in doors, and 13,200 amp, 3-phase electric service. National Refrigeration, Rolled Metal Products and Brenner Aerostructures utilize the facility for manufacturing, warehousing and distribution.
“This acquisition combined many aspects of our targeted investment program including its superior location, stable tenancy, and opportunity to improve the functionality in the future,” stated Jared Newman, Vice President of Acquisitions at Endurance. “We continue to seek well-located investment opportunities in the industrial space for our institutional and private investors all across the Mid-Atlantic.”
About Endurance Real Estate Group
Founded in 2002, Endurance is a Radnor, Pennsylvania-based real estate owner/developer focused on income and value creation opportunities in the Mid- Atlantic region with a concentration in regional and bulk warehouse/distribution assets and office. Endurance’s current portfolio consists of 4.3 million square feet of warehouse/distribution, flex, and office assets. Affiliates of Endurance have closed on seven (7) separate transactions over the last 2 years, totaling approximately 2.4 million square feet of warehouse, distribution, and flex space. Endurance is currently speculatively developing the Interstate Distribution Center in Pittston, PA a 1,077,818 SF warehouse with an additional 1.2 million square feet in the planning stages at various sites within the I-81/I-78 corridor.