BLUE BELL, PA – June 7, 2022 – An affiliate of Endurance Real Estate Group, LLC (“Endurance”) is pleased to announce the disposition of 960 Harvest Drive, a three-building suburban office portfolio consisting of two 2-story and one single-story office buildings (the “Portfolio”) totaling 130,942 SF for $12,725,000. The Newmark team of Mike Margolis, David Dolan, Ryan Guittare, Angelo Brutico and Jim Dugan brokered the sale on behalf of Endurance and procured the buyer.
“This project was the true definition of a value-add opportunity. When we purchased this portfolio, the buildings were 18% leased and were in dire need of an upgrade. Shortly after closing, we initiated a multi-million dollar renovation project which included in part extensive lobby and restroom renovations, the addition of a fitness center and café, and the installation of new energy management systems.” Stated Albert J. Corr, Senior Vice President from Endurance. Corr added, “Working along side the Colliers leasing team of John Susanin and Kyle Hilbert, we were able to push occupancy through a handful of leasing transactions to over 80% in a relatively short period of time”.
Built in 1988 and significantly renovated in 2015, 960 Harvest Drive boasts expansive window lines, classic, brick facades with modern interior finishes, and expansive parking, creating the feeling of a campus-like, private-setting office park with enhanced amenities. The buildings are situated in Blue Bell, PA, just minutes from the convergence of the PA Turnpike and Blue Route/Northeast Extension and are proximate to affluent residential communities as well as the Plymouth Meeting Mall.
960 Harvest represents the last office asset in Endurance’s portfolio as they have shifted their focus exclusively over the last decade to speculative and value-added industrial opportunities. 960 Harvest was Endurance’s third disposition this year as Endurance sold two industrial assets earlier this year in Hazleton.
Endurance has been very active on the acquisition and development front over the last six months having acquired over 2.5 million SF of industrial assets including the Reading Industrial Portfolio (a 930,000 SF light industrial portfolio in Reading, PA) and York Business Center (1,542,000 SF of industrial space). Endurance has commenced construction on the Woolwich Logistics Center (a 60,000 SF speculative distribution center in Woolwich, NJ), Scranton North (a 1,000,000 SF speculative distribution building in Olyphant, PA) and is about to deliver a 251,200 SF spec industrial building in Middletown, 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 $1.35 billion of assets totaling 20.8 million SF and sold 11.8 million SF with a combined value of $978 million. Endurance currently owns and operates a portfolio totaling over 5.1 million square feet consisting of 53 buildings. Endurance is currently developing over 1.6 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 2.2 million square feet.