An affiliate of Endurance Real Estate Group, LLC (“Endurance”) and Thackeray Partners (“Thackeray”) is pleased to announce the disposition of 2000 Bishops Gate, a 292,466 SF, Class A industrial warehouse, located in Mount Laurel, New Jersey (“Property”) for $32.2 million. The JLL team of John Plower, Ryan Cottone, Zach Maguire, Dean Torosian and Nate Demetsky brokered the sale on behalf of the Seller.
The building was constructed in 1998 and renovated in 2019. It features 32’ clear ceiling heights, an ESFR sprinkler system and ample loading capacity with full dock packages for its 35 dock positions. The Property is strategically located on NJ Route 38, a principal East/West highway in Burlington County, NJ and offers access to Exits 4 and 5 of the NJ Turnpike and Exit 40 of I-295. The Property was 100% leased to two tenants at closing.
“We are thrilled to see the transformation of this project through its stabilization to disposition,” stated Albert J. Corr, Senior Vice President from Endurance. “We acquired the building in early 2017 knowing it would be vacant within a few months. We set forth on a full scale $5 million capital improvement plan to upgrade and modernize the Property to make it a very attractive option for prospective tenants. We demolished 75,000 sf of office areas in the building, replaced the roof, installed new LED lighting throughout the warehouse and added ten (10) additional dock doors to meet the demand of today’s industrial tenants,” concluded Corr. Benjamin Cohen, President of Endurance, added, “Our ongoing partnership with Thackeray includes 10 deals together in the greater Philly MSA, this transaction being a very successful one. Burlington County has seen a tremendous uptick in tenant demand and investor interest in the last few years and with our business plan completed we were able to capitalize on that growth.”
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 13.5 million SF and sold over 7.5 million SF with a combined value of $475 million. Endurance currently owns and operates a portfolio totaling nearly 3.6 million square feet consisting of 43 buildings. Existing space includes 2.6 million square feet of industrial and 1.0 million square feet of flex/office space. Endurance is currently developing 2.3 MSF of distribution buildings in several projects in varying building sizes from 176,000 SF up to 1.1 MSF.
About Thackeray Partners
Founded in 2005, Thackeray Partners is a real estate investment firm seeking a diversified portfolio of stabilized, value-add, and development opportunities in industrial and rental housing properties throughout the United States, with a balance of income and capital appreciation on behalf of its partners. Thackeray invests in real estate through a series of private equity funds. The limited partners of Thackeray’s funds consist primarily of university and hospital endowments, charitable foundations, and U.S. based family offices. Since inception, Thackeray has closed on joint venture and direct real estate transactions totaling nearly $5.0 billion, representing equity placements of approximately $1.1 billion. Total investment activity includes over 230 separate transactions representing approximately 22,500 apartment units and nearly 19.5 million square feet of industrial space. For more information, visit www.thackeraypartners.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 more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.