An affiliate of Endurance Real Estate Group, LLC (“Endurance”) is pleased to announce the signing of three new leases and an expansion totaling 61,384 SF at Naaman’s Creek Business Center, a five (5) building flex portfolio totaling 190,729 SF in Upper Chichester Township, Delaware County (“Portfolio”).
With these leases, occupancy of the Portfolio is now 84% up from 30% at the time of acquisition in early 2015. With these leases, Endurance and the SSH Real Estate team of Brian Mears and Kevin Hagenberg are pleased to have stabilized the Portfolio with a diverse base of tenants.
The recent expansion was by an undisclosed healthcare company that previously leased 17,378 SF within the Park. This tenant has expanded their operations by 17,200 SF and now fully occupies 9 Creek Parkway on a long-term lease. This tenant was represented by Tactix Real Estate Advisors, LLC.
Diplomat leased two suites (700-701) that equal approximately 11,400 SF at 7 Creek Parkway. Diplomat (NYSE: DPLO) serves patients and physicians in all 50 states. Headquartered in Flint, Michigan, the company focuses on medication management programs for people with complex chronic diseases, including oncology, immunology, hepatitis, multiple sclerosis, specialized infusion therapy and many other serious or long-term conditions. Diplomat opened its doors in 1975 as a neighborhood pharmacy with one essential tenet: “Take good care of patients and the rest falls into place.” Today, that tradition continues—always focused on improving patient care and clinical adherence. For more information, visit diplomat.is.
Zenith Freight Lines, LLC leased all 25,000 SF at 25 Creek Circle. Zenith Freight Lines was purchased in February 2015 by Bassett Furniture Industries, Inc. (Nasdaq: BSET), and is now their primary logistical arm. In addition to its trucking services, Zenith operates distribution centers in at least eight states and manages home delivery services for Bassett Home Furnishings retail stores and other retailers in local markets throughout the country. Primarily through organic growth and partially due to the Zenith acquisition, Bassett’s revenues have increased almost $200 million over the past five years. Zenith was represented by Tactix Real Estate Advisors in the transaction. Additionally, an undisclosed distribution company leased 7,784 SF at Suite 200 in 23 Creek Circle.
“The leasing velocity we have experienced at Naaman’s Creek over the last 18 months is pretty astonishing. Since acquisition we have completed ten leasing transactions including new deals and
renewals. The attractive nature of this well-located, functional flex product is desirable to many different tenants serving the immediate Delaware County market” said Albert J. Corr, Senior Vice President of Asset Management at Endurance.
Naaman’s Creek Business Park was constructed from the late 1990’s through the early 2000’s and features all-masonry facades, 19’ clear ceiling heights, and multiple configurations to accommodate a diversity of tenant requirements. The Portfolio fronts Route 322, providing easy access to Interstate 95 and the Philadelphia International Airport to the east (15 minutes) as well as Interstate 476, which presents a direct connection from Interstate 95 to the Pennsylvania Turnpike.
Endurance Real Estate Group, LLC, founded in 2002, is a Bala Cynwyd, Pennsylvania-based real estate owner/developer focused on income and value creation opportunities located in the Mid-Atlantic region. Since its formation, the company has acquired approximately $400 million of assets totaling over 8 MSF and currently owns and operates a portfolio totaling 3.4 MSF. Affiliates of EREG have closed on six separate transactions in the last year totaling almost 1.4 MSF of office, warehouse, distribution and flex space, including among other assets, 550 Glen Ave & 600 Glen Ct, two bulk industrial buildings in Moorestown, NJ. For additional information on Endurance, please visit http://www.endurance-re.com.