Thursday, April 28, 2022

Endurance Announces the Disposition of 360 Maplewood Drive in Hazleton, Pennsylvania

For More Information

Matt Newman

mnewman@endurance-re.com

(484) 320-7803

Hazleton, PA – April 28, 2022 – An affiliate of Endurance Real Estate Group, LLC (“Endurance”) is pleased to announce the disposition of 360 Maplewood Drive, a 191,979 SF warehouse/distribution building located in Hazleton, Pennsylvania (“Property”) for $17,850,000 to an undisclosed user. Mike Hess of CBRE represented Endurance and Jeff Williams & John Buckley of JLL represented the buyer.

360 Maplewood is a 191,979 SF manufacturing and distribution center that was constructed in 1993 and expanded in 1995 and is located in the Humboldt Industrial Park. The Property has a 30’ clear height with 11 dock doors and 2 drive in doors, abundant power of 16,000 amps and rail access direct to Reading Blue Mountain with connections to two Class 1 railroads. Shortly after acquisition, Endurance initiated its business plan to renovate the asset which included significant roof repairs, upgraded LED lighting, the installation of an ESFR sprinkler system as well various warehouse, office and dock upgrades. The Property is located less than two miles from Exit 143 of I-81 and 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.

Albert J. Corr, Senior Vice President from Endurance stated “We were in the midst of finishing our capital and spec improvement plan when we received an unsolicited offer to purchase the property from a user buyer.  The buyer recognized the value of the in-place building infrastructure as well as the desirable location in Humboldt from both a transportation and labor standpoint.”

“The sale of 360 Maplewood represents our 2nd disposition in Hazleton in the last two months, and successful exit of two second generation value add acquisitions in the Northeastern, PA submarkets.” stated Benjamin Cohen, President of Endurance. Affiliates of Endurance are currently constructing nearby the 1MSF Scranton North Logistics Center, in Olyphant, PA.

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 $1.3 billion of assets totaling 20.7 million SF and sold 11.1 million SF with a combined value of $885 million. Endurance currently owns and operates a portfolio totaling over 5.8 million square feet consisting of 58 buildings. Existing space includes 5 million square feet of industrial space and 750,000 square feet of flex/office space. Endurance is currently developing over 1.5 million square feet of distribution buildings in several projects in varying building sizes from 60,000 square feet up to 1,000,000 as well as entitling several other projects totaling 2.3 million square feet.