Wednesday, November 30, 2022

Endurance Real Estate Group announces the financing of Berks 61 and Berks 222, a 597,704 square-foot, Class A speculative warehouse/distribution portfolio in Reading, Pennsylvania

For More Information

Matt Newman

mnewman@endurance-re.com

(484) 320-7803

An affiliate of Endurance Real Estate Group, LLC (“Endurance”), is pleased to announce the successful financing of Berks 61 and Berks 222, a recently stabilized three-building Class A portfolio of distribution centers located in the Lehigh Valley West submarket. Berks 61 is a 270,000 SF manufacturing facility that delivered in 2021 and is leased to the largest bottle-to-bottle recycling plant in North America. Berks 222 is a two-building logistics park totaling 327,704 SF and leased to three credit tenants including National Coatings & Supplies, Inc. (“NCS”).

The JLL Capital Markets team of Chad Orcutt, Ryan Ade, Blaine Fleming, served as the exclusive financial advisor to Endurance for this debt financing. Empower Annuity Insurance Company of America (“Great West”), a new lending relationship to Endurance, provided the $49MM interest only financing.

“We are thrilled to secure financing on our Berks 61 and 222 portfolio and remain bullish on more development opportunities in the Greater Reading / Berks County market,” said Benjamin Cohen, President of Endurance. “This financing, which is a continuation of our business plan that included the successful construction and lease up, allows for both a substantial return of capital while preserving the ability to remain flexible in our hold period  for this investment into the future .”  

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 $1.4 billion of assets totaling 20.9 million SF and sold 11.8 million SF with a combined value of $1 billion. Endurance currently owns and operates a portfolio totaling over 5.1 million square feet. Endurance is currently developing over 2.6 million square feet of distribution buildings in several projects in varying building sizes from 60,000 SF up to 1,006,500 as well as entitling several other projects totaling over 1.4 million square feet.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.