An affiliate of Endurance Real Estate Group, LLC and CenterSquare Investment Management (“Endurance”) is pleased to announce the signing of a new 137,938 square foot lease at the 485 Distribution Center (“485DC”) in Shiremanstown, PA to a major national third party logistics provider (3PL). Lee & Associates of Eastern Pennsylvania represented both landlord and tenant in the transaction.
“This lease signed months before project completion, shows the strength of our project and the overall Central PA industrial market, particularly the Harrisburg West submarket. The new tenant is just one of many Fortune 500 companies who have located their manufacturing and distribution operations in the area. The attractive nature of this well-located, Class A product is desirable to many different types of tenants serving the Mid-Atlantic region and we look forward to strong continued leasing activity as we near completion of this re-development” said Albert J. Corr, Senior Vice President of Asset Management at Endurance.
The completion of the renovation and construction of the ±457,000 SF project at the 485 Distribution Center will occur in late August 2018. The remaining space availability totals ±318,873 SF of contiguous square footage that is currently demised into two spaces of ±210,956 SF and ±107,917 SF, respectively.
The entire facility will be equipped with an ESFR sprinkler system, high efficiency T-5 fluorescent lighting, a 188’ truck court, 60’ concrete dock apron, significant parking for cars and trailers, and an approximately 1 per 6,000 SF loading dock ratio at full build-out.
“This project presented an extremely rare opportunity to redevelop an existing industrial property in an infill section of the Harrisburg region in the Central PA industrial market, which continues to be highly coveted by both users and investors”, said David Erlbaum, VP of Acquisitions and Development at Endurance. “The location is irreplaceable, and we feel highly confident we will lease up the balance of the building in short order given the high demand for bulk warehouse space, especially for properties in close proximity to rooftops and a dense transportation network.”
For more information on the 485 Distribution Center, please visit www.485DC.com, or contact our leasing team:
John Van Buskirk – email@example.com – (717) 208-8671
Joel Kreider – firstname.lastname@example.org – (717) 208-8647
Ed Skonecki – email@example.com – (717) 562-0901
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 3.4 million square feet of warehouse/distribution, flex, and office assets. Affiliates of Endurance have closed on six (6) separate transactions over the last 2 years, totaling approximately 1.7 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 at https://twitter.com/EnduranceREGrp
CenterSquare Investment Management 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 June 30, 2018, CenterSquare manages over $10 billion in assets on behalf of some of the world’s most well-known institutional and private investors.
About Lee & Associates of Eastern Pennsylvania
Lee & Associates of Eastern Pennsylvania began operations in May 2015 under the leadership of Principals Brian Knowles, CCIM, SIOR and John Van Buskirk, SIOR. Long recognized individually as national leaders in the industrial real estate business, they have chosen to take their over 45 years of combined real estate experience in a new direction – as broker-owners of this new initiative. Lee & Associates of Eastern Pennsylvania is committed to providing market leading research and support, while remaining grounded in exceptional client service. For the latest news from Lee & Associates of Eastern Pennsylvania, follow us on Facebook, LinkedIn and Twitter or visit us on the web at www.lee-associates.com/pennsylvania