An affiliate of Endurance Real Estate Group, LLC (“Endurance”) and CenterSquare Investment Management is pleased to announce the acquisition of 594 Can Do Expressway, a 242,960 SF, 32’ clear warehouse/distribution building located in Hazleton, Pennsylvania (“Property”). Endurance acquired the property from Quad Graphics. The team of John Plower, Chuck Rosien, Kim Jacobsen and Ryan Cottone of Jones Lang LaSalle, Inc. represented the Seller in this transaction.
“As part of the re-branding and kickoff of our planned multi-million dollar renovation project, we are renaming the building the 594 Distribution Center (“594 DC”)”, stated Albert J. Corr, Senior Vice President of Endurance. Corr added, “We will be commencing our planned improvements later this month and expect to have our re-positioning completed by the end of third quarter.” Part of the planned improvements at the Building include the installation of a new roof, the addition of thirteen (13) dock doors on the eastern side of the building, installation of an ESFR sprinkler system, new LED lighting throughout the warehouse area and various office, paving and landscaping improvements. At the completion of the Building renovation, the project will provide a total of twenty-four (24) loading doors, one (1) drive-in door, 20 trailer spots and 185 parking spaces.
594 DC is located just one mile from Exit 143 of I-81. This location offers excellent transportation links to Interstate Highways and is within 250 miles of most major markets in the Northeast and Mid-Atlantic regions. As part of the Eastern & Central Pennsylvania Industrial Market, the Northeast Pennsylvania Industrial Market is an established center for national retail distribution and consumer goods companies in the Eastern United States.
While primarily successful as a big-box market in past years, there has been a recent uptick in tenant requirements in the 100,000 – 300,000 square foot range. The Northeast Pennsylvania Industrial Market development pipeline of industrial projects has very little planned to accommodate those requirements in Class A buildings. 594 DC will offer tenants a quality option with state-of-the-art design specifications, at a lower cost than its Class A competitors. Jones Lang LaSalle has been named the exclusive leasing agent for the Building. The team of Jeff Lockhard, Lee Fittapaldi, Kim Jacobsen and Ryan Barros will represent Endurance.
“594 DC is a great value-add/redevelopment lease-up play that fits within Endurance’s long-term sweet spot of re-positioning well-located, functional excess corporate real estate assets.” stated Jared Newman, Vice President of Acquisitions at Endurance.
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 over $600 million of assets totaling 10 million SF and sold over 6.2 million SF with a combined value of $350 million. Endurance currently owns and operates a portfolio totaling over 4.5 million square feet consisting of 49 buildings. Existing space includes 3.3 million square feet of industrial and 1.2 million square feet of flex/office space.
CenterSquare Investment Management is a global investment manager focused on actively managed real estate and infrastructure strategies. As specialists in real assets, CenterSquare executes investment strategies designed to enhance the performance and resiliency of its clients’ investment portfolios. CenterSquare is owned by a partnership between its management team and private equity partner Lovell Minnick Partners, and is headquartered in Philadelphia with affiliate offices in Los Angeles, London and Singapore. As of March 31, 2019, CenterSquare manages over $9 billion in assets on behalf of some of the world’s most well-known institutional and private investors. For additional information on CenterSquare please visit www.centersquare.com.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com