HARRISBURG, PA-The Bala Cynwyd-based Endurance Real Estate Group bought the now-vacant, 294,450-sf former Frank's Nursery distribution center at 3400 Industrial Rd. from an unidentified private investor. The price is undisclosed. On condition of anonymity, a broker familiar with industrial sales in this market tells GlobeSt.com a vacant facility such as this would "typically trade in the low to mid- $30s per sf," which would put the price in a range of from $9 million to about $10.5 million.

Pat Lafferty of CB Richard Ellis represented the seller. Gerry Blinebury of Cushman & Wakefield represented Endurance, and Blineburry and Steve Cooper of C&W have been assigned the leasing efforts. Benjamin Cohen, president of Endurance, tells GlobeSt.com the asking rental rate is $4 per sf.

The building, completed in 1970, is located on approximately 19.5 acres, which can provide parking for 100 trailers and also has the potential for additional construction of up to 200,000 sf. Cohen says, "we saw an opportunity to reposition the building into a single-user or multi-tenant facility that can be demised into spaces beginning at 36,000 sf." Without disclosing the amount it is investing in capital improvements, Cohen says his company is renovating office spaces, the parking lot, landscaping and signage and is also reactivating the site's rail capacity.

Cohen and William White founded Endurance in 2002 with plans to acquire office and industrial properties in a range of between $5 million and $100 million. Cohen says the I 81/78 distribution corridor is a sought after location because of its proximity to highways and its low labor costs, and he says Endurance will continue to look for assets here and in the Lehigh Valley.