An affiliate of Endurance Real Estate Group, LLC (“Endurance”) and Center Square Investment Management is pleased to announce the acquisition of 205 Schoolhouse Road, a 16.4 acre land site located in Souderton, Pennsylvania (“Project”). The partnership acquired the property from Franconia Technology Associates.
“We are excited about our latest industrial project in Montgomery County, 205 Commerce Center (“205 CC”)”, stated Albert J. Corr, Senior Vice President of Endurance. Corr added, “Site work will be commencing in June with completion of construction by year end.” The building will contain 176,700 RSF with concrete tilt wall construction, 32’ clear height, a TPO roof, ESFR sprinkler, LED lighting with motion sensors, up to 29 dock positions, 1 drive-in door, and a 1,000 amp, 3-phase electric system.
205 Commerce Center is in an excellent infill location within 20 miles of CBD Philadelphia, located at the recently improved and expanded Lansdale Interchange of the PA Turnpike – Exit 31 – 476 Northeast Extension.
The Montgomery County industrial market features high barriers to entry with limited land available for new industrial development. Vacancy rates in the Philadelphia Metro reached an all-time low at 4.8% in the first quarter of 2019. Tenants from industries in logistics and e-commerce, such as Amazon, made up a predominant portion of demand growth in Q1 2019. Retailers’ need to optimize their supply chains, plus Philadelphia’s convenient location, sets up the area’s industrial market for a promising 2019 and beyond.
“205 CC represents a great infill development opportunity with immediate access to the Philadelphia MSA due to the recently expanded Northeast extension of 476 from Mid-County up to Lansdale. This development will provide prospective tenants the modern attributes of a new warehouse that have been lacking in suburban Philadelphia given the shortage of new industrial product delivered over the last decade.” stated Jared Newman, Vice President of Acquisitions for Endurance Real Estate.
Cushman & Wakefield has been named the exclusive leasing agent for the Project. The team of Jonas Skovdal, Jeff Williams and John Gartland will represent Endurance and CenterSquare.
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 over $600 million of assets totaling 10 million SF and sold over 6.2 million SF with a combined value of $350 million. Endurance currently owns and operates a portfolio totaling over 4.5 million square feet consisting of 49 buildings. Existing space includes 3.3 million square feet of industrial and 1.2 million square feet of flex/office space.
About CenterSquare Investment Management
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 March 31, 2019, CenterSquare manages over $9 billion in assets on behalf of some of the world’s most well-known institutional and private investors. For additional information on CenterSquare please visit www.centersquare.com.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 51,000 employees in approximately 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.