An affiliate of Endurance Real Estate Group, LLC (“Endurance”) and Thackeray Partners (“Thackeray”) is pleased to announce the disposition of Penn Logistics, a four building, 240,358 SF, industrial portfolio, located in Fairless Hills, Pennsylvania (“Property”) for $18.0 million. The CBRE team of Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki brokered the sale on behalf of the Seller and procured the buyer.
The buildings were constructed between 1968 and 1970. They feature 24’ clear ceiling heights, ample loading capacity with full dock packages for the 42 dock positions. The Property is strategically located along US Routes 1 and 13 with close proximity to I-295 and I-95, the principal North/South highways in eastern Pennsylvania and New Jersey. The Property was 100% leased to four tenants at closing.
“We are extremely pleased we were able to execute this transaction given the current environment. The pricing achieved supports the strength of the overall industrial market, specifically in Lower Bucks as Tenant demand has not decreased in this submarket, especially for functional and well located last mile assets” stated Albert J. Corr, Senior Vice President from 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 $750 million of assets totaling 14.0 million SF and sold over 8.4 million SF with a combined value of $545 million. Endurance currently owns and operates a portfolio totaling over 5.0 million square feet consisting of 46 buildings. Existing space includes 4.2 million square feet of industrial and 700,000 square feet of flex/office space. Endurance is currently developing over 700K SF of distribution buildings across several projects in varying building sizes from 71,000 SF up to 400,000 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.
About CBRE
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 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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 http://www.cbre.com