Wednesday, September 25, 2019

Endurance announces the sale of the 485 Distribution Center in Shiremanstown, PA

For More Information

Brian Evans

bevans@endurance-re.com

JLL Capital Markets arranged the $42.5 million sale of 485 Distribution Center (485 DC), a 456,810square-foot distribution center in Shiremanstown, Cumberland County, PA, to Black Creek Group on behalf of the seller, a joint venture between Endurance Real Estate Group and CenterSquare Investment Management. JLL Managing Director John Plower led the team in handling the sale, along with Senior Associate Ryan Cottone and Managing Director Jason Webb.

485 DC is a multi-tenant warehouse facility situated on 26.9 acres. The sale presents Black Creek Group a stabilized property with impressive cash flow and logistics essentials including high loading capacity, dedicated trailer stalls, and an ideal building depth of 300 feet.

The property was redeveloped in 2018 to provide superior functionality for bulk distribution. Features include 32’ and 28’ clear heights, ample trailer and car parking, LED lights, ESFR sprinkler system and a 188’ truck court with a 60’ concrete apron.

“We are thrilled to see this project through to completion,“ stated David Erlbaum, SVP of Development at Endurance. “This was a long project in the making, two years of being under contract working through a de-leasing effort of a partially occupied obsolete manufacturing and office building, procuring entitlements, followed by another two years working on the demolition and successful redevelopment and lease up of the project.”, concluded Erlbaum. “This infill location with best in class functionality paved the way to pre-leasing this asset in conjunction with the building completion,” added Benjamin Cohen, President of Endurance.

Located in a core industrial location, the site is strategically placed off of the Capital Beltway, providing access to the area’s regional highway network of I-81, I-83 and the Pennsylvania Turnpike—all within five miles of the property.

“This location is the heart of the Central Pennsylvania industrial market and is truly unparalleled in terms of distribution potential and access to a high quality labor force,” said Plower. “Corporations and investors alike prefer this area due to its proximity to major logistics centers such as UPS and FedEx hubs, Harrisburg International Airport, Norfolk Southern intermodal terminals and major ports in Baltimore, Philadelphia and New Jersey.”

The property is currently 100 percent occupied by XPO Logistics and Dayton Parts with a weighted average remaining lease term of over eight years.

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 CenterSquare Investment Management

CenterSquare Investment Management (www.centersquare.com) 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 August 19th, 2019, CenterSquare manages nearly $11 billion in assets on behalf of some of the world’s most well-known institutional and private investors. 

About JLL

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 nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Capital Markets

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.