An affiliate of Endurance Real Estate Group, LLC (“Endurance”) and Thackeray Partners (“Thackeray”) is pleased to announce a new lease at 279 Canal Road with Tri-State Container Corp for 60,225 SF. The tenant was represented by Jeff Rosenfarb of Hart Corporation. Endurance was represented by Jonas Skovdal of Cushman and Wakefield.
Tri-State Container (www.tristatecontainer.com) is headquartered in Bensalem, Pennsylvania. They are a third generation independent manufacturer of corrugated shipping boxes, custom corrugated displays, and graphic product packaging.
279 Canal Road is part of a four building portfolio Endurance purchased in late 2017 totaling 240,358 SF. Shortly after acquiring these assets, Endurance directed a full cleanup and make-ready program for the 63% occupied portfolio. Speculative improvements included paving upgrades, various landscaping enhancements, new T-5 lighting at the 199 Canal building, roof replacements at 199 and 279 Canal as well loading dock door upgrades throughout the portfolio. In addition to the Tri-State Container lease, Endurance recently executed two leases totaling 60,000 SF at 199 Canal Road with Excellent Quality Movers (30,000 SF) and LKQ Corp (30,000 SF) fully stabilizing the asset within eight months from acquisition.
Albert J. Corr, Senior Vice President of Endurance Real Estate Group stated, “We are excited to welcome Tri-State into our portfolio. Their use is perfect for the building and it is great to see another Bucks County based company expanding their footprint. This transaction will increase our portfolio’s occupancy level to 100%, which further demonstrates the demand from local and regional tenants for quality infill locations throughout the Philadelphia region. ”
About Endurance Real Estate Group
Founded in 2002, Endurance is a Radnor, Pennsylvania-based real estate owner/developer focused on income and value creation opportunities in the Mid- Atlantic region with a concentration in office and regional and bulk warehouse/distribution assets. Endurance’s current portfolio consists of 3.6 million square feet of warehouse/distribution, flex, and office assets. Affiliates of Endurance have closed on seven (7) separate transactions over the last 2 years, totaling over 2.0 million square feet of warehouse, distribution, and flex space. For additional information on Endurance, please visit our web page at www.endurance-re.com and follow us on Twitter @EnduranceREGrp
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 multifamily 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 over $4.6 billion, representing equity placements of over $930 million. Total investment activity includes over 190 separate transactions representing approximately 20,500 apartment units and 19.1 million square feet of industrial space. For more information, visit www.thackeraypartners.com
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.