The partners paid $15.2 million for Colwick Business Center, a price tag that factors out to just over $89 per sf. The seller was not identified, but was described by the new owners as a group of local private investors. The transaction was brokered by David Dolan and Joseph Sklencar Sr. of CB Richard Ellis, Philadelphia, who have since moved over to Grubb & Ellis.

"We plan to execute a capital improvement plan at Colwick Business Center," says Philip Tager, a principal in Praedium's acquisition group, of the 86%-occupied asset. "That will help us to increase occupancy over the short term."

"These three class A office buildings are located in the strongest submarket of the Philadelphia MSA," says Bill White, CEO of Endurance, a real estate investment firm he co-founded in 2002 with Benjamin Cohen. "The asset's attractiveness is demonstrated by its impressive tenant roster," adds Cohen, who serves as Endurance's president.

Built in 1987, the three buildings making up the newly acquired complex sit on a 17-acre site in this South Jersey community. On-site parking totals more than 800 spaces.

With the acquisition, Endurance, which will manage Colwick Business Center, has a portfolio of one million sf of owned and managed properties. The company concentrates its investment and development activities in the metro Philadelphia area, according to Cohen. "We look to acquire both high-income and value-added office and industrial properties in the $5-million to $80-million range with high net-worth and institutional equity partners."

Praedium's investments have reached $4 billion involving 1,200 assets totaling 33 million sf of commercial space and 28,000 multifamily units. The company is currently investing its $465-million Praedium Fund V, a private equity fund, anticipating that equity to be leveraged to acquire more than $1.5 billion in properties.

Instant Insights /

Praedium, Endurance Buy Colwick Business Center

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