An affiliate of Endurance Real Estate Group, LLC (“Endurance”) and Thackeray Partners (“Thackeray”) is pleased to announce the disposition of the King of Prussia Industrial Portfolio, a five (5) building, 292,110 SF industrial/flex portfolio located in King of Prussia, Pennsylvania (“Property”). The CBRE team of Michael Hines, Brad Ruppel, and Brian Fiumara brokered the sale.
The buildings were constructed in the 1960’s and 1970’s and feature Class B warehouse/distribution specifications including 22’ average clear ceiling heights, wet sprinkler systems and ample loading capacity with full dock packages. The portfolio is situated in the Montgomery County submarket of the Philadelphia MSA industrial market, offering users immediate proximity to I-276 and close proximity to I-76 and I-476. The portfolio was 95% leased at closing.
“Immediately after we acquired the 72% leased portfolio, we implemented our speculative capital improvement plan for the portfolio focusing on the large 60,000 SF vacancy at 780 Third Avenue. We started with the demolition of the second story office area at the building. We then focused our attention to the exterior of the building where improvements were made to the main entrance and parking areas of the building. Interior and exterior painting of the building was completed as well as various landscaping upgrades. Shortly after our renovation was complete, we secured a long term lease for the entire building with aa national tenant to stabilize the portfolio”, stated Albert J. Corr, Senior Vice President 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 and developed over $700 million of assets totaling 13.5 million SF and sold over 7.1 million SF with a combined value of $430 million. Endurance currently owns and operates a portfolio totaling nearly 4.1 million SF consisting of 45 buildings. Existing space includes 3.1 million SF of industrial and 1.0 million SF of flex/office space. Endurance is currently developing 2.3 million SF of distribution buildings in several projects in varying building sizes from 176,000 SF up to 1.1 million SF.
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.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.