In March 2019, Endurance Real Estate Group, LLC (“Endurance”) and CenterSquare, our joint venture partner, acquired 594 Can Do Expressway, a 243,000 SF Class B manufacturing facility located in a highly sought after Northeast Pennsylvania industrial market. The excess corporate real estate was acquired vacant from a manufacturer of Yellow Pages phone books. The JV was attracted to the Property due to its location within the established Humboldt Industrial Park with an abundant labor pool and its close proximity to I-80 and I-81 providing access to 60% of the country’s population within a one-day drive. This joint venture represented the third transaction completed with Endurance.
Shortly after acquiring the property, the joint venture secured a three-year lease with the largest independent paper converting company in the U.S. The tenant required substantially less improvements than originally intended in the value-added business plan. Still, the JV moved forward with a number of key improvements including a full roof replacement, a new energy efficient LED lighting system, installation of dock equipment and new levelers, demolition of interior demising and other sitework modifications. While the existing tenant was willing to extend its lease, the venture elected to sell the Property to a user looking to expand its operations in the industrial park.
“Working with quality operating partners like Endurance allows CenterSquare to respond quickly and meet the high demand and emerging needs of today’s tenants,” said Robert Wasenius Senior Vice President of Private Real Estate at CenterSquare. “Our investment, rapid lease-up and sale of the property is not only indicative of our ability to identify compelling opportunities in last mile industrial markets, but also to create investor value in an opportunistic manner.”
Albert J. Corr, Senior Vice President of Endurance stated “Well located, functional assets continue to be highly sought after by tenants and user buyers. The asset’s proximity to the excellent highway network throughout Northeastern PA and access to Hazleton’s strong labor pool make this rail-served building very desirable.”
The JLL team of Jeff Lockard, Jeff Williams, Ryan Barros, Kevin Lammers, John Plower and Ryan Cottone from JLL represented CenterSquare and Endurance in this transaction.
About Endurance Real Estate Group
Endurance Real Estate Group, LLC, formed in 2002, is a Radnor, PA-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 $1.3 billion of assets totaling 20.7 million SF and sold 10.9 million SF with a combined value of $865 million. Endurance currently owns and operates a portfolio totaling over 6 million square feet consisting of 59 buildings. Existing space includes 5.25 million square feet of industrial space and 750,000 square feet of flex/office space. Endurance is currently developing over 1.5 million square feet of distribution buildings in several projects in varying building sizes from 60,000 square feet up to 1,000,000 as well as entitling several other projects totaling 2.3 million square feet. For more information about the company, visit www.endurance-re.com.