The seller, First Industrial Realty Trust, was represented byMichael Blunt and Michael Hines of CB Richard Ellis, while the BalaCynwyd, PA-based Endurance was represented in-house. The sale pricewas not released.

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The two largest buildings just acquired are 2030 and 2040Springdale Rd., single-story assets amounting to just less than138,000 sf combined. The properties are currently 100% leased toJDR Shoe Warehouse, Garden State Discovery Museum, Dal-Tile andAvalon Flooring. The 13 other buildings, including 1939 Olney Ave.,total just less than 600,000 sf, and are 91% leased to such tenantsas Commerce Bank, B. Braun Medical, Aquahab and Flying FishBrewery.

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"This acquisition is the type of deal we're looking for," saysEndurance president Benjamin Cohen. "It provides a combination ofstability in the diversity of the rent roll, and the ability to addfurther value through the development of the land, sales to users,and continuing to convert warehouse space to higher uses."

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Kevin Stackhouse, the firm's director of asset management, saysthat "the park provides an opportunity with a solid tenant base aswell as the upside of the additional retail developmentopportunities along Springdale Rd."

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Endurance closed the deal all-cash, but with the intention ofplacing debt on the portfolio post-closing. To that end, the firmhas enlisted the help of Jim Gunning and Donna Falzarano of CBRECapital Markets, Debt and Equity Finance, Saddle Brook.

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