DELANCO, NJ-Endurance Real Estate Group has acquired 579,000 sf of industrial properties for $15.7 million, a price that translates into just more than $27 per sf. The new owner of the properties declined to identify the seller.

The acquisition involves 800 Coopertown Rd. and 2700 Burlington Ave., both warehouse facilities in this Burlington County community. The former is a 270,000-sf facility that includes a 13,000-sf built-out office component near Route 130; the latter is a 309,000-sf asset consisting of two buildings of 253,000 sf and 50,000 sf and 5,000 sf of offices with almost 1,000 feet of frontage on the Delaware River.

"Recent legislation passed in the state will aid improvements made to port distribution along the Delaware River," says Benjamin Cohen, president of the Bala Cynwyd, PA-based Endurance Real Estate. "That will increase the pool of tenants to lease the property."

For now, the two properties are both 50% leased on a short-term basis by D-Tek Logistics. Both assets will be marketed as one of the low-cost providers in the market, "in large part due to the low operating expenses," Cohen says. "The buildings are in move-in condition and can be divided.

"We were attracted to these assets due to the quality of construction, the ability to multi-tenant these facilities and their position as the low-cost provider of warehouse space in the market," Cohen says. "We look forward to repositioning and offering what have historically been owner-occupied buildings to the marketplace for the first time."

The assets are situated in a Burlington County industrial market that totals approximately 35 million sf. According to current market statistics, asking rents are generally in the $3.75 to $4.25 per sf range, and vacancy rates are below 10%.

In the sale transaction, the unidentified seller was represented by Bill Goodwin of CB Richard Ellis. Marc Isdaner of Colliers Lanard & Axilbund, Philadelphia, represented Endurance and will continue to represent the buyer in marketing the buildings for lease on a regional basis. The offering comes with tenant improvement packages.