LANDOVER, MD-Endurance Real Estate Group, LLC, a Bala Cynwyd, PA-based real estate owner/developer, is entering the DC area with its first acquisition: a 120,200-square foot warehouse/distribution building here that is vacant. The company had been trying to buy this particular building for close to a year and, in general, had been chasing after deals for some time in the hopes of getting a foothold in the greater DC area, president Benjamin Cohen tells GlobeSt.com. "This will be the first of what we hope will be many industrial acquisitions in this region," he says.

The property was acquired for $4.1 million or $34.52 per square foot. It is located in the Ardmore-Ardwick Business Park and is one of only a few vacant spaces offering greater than 100,000 square feet in infill DC-area industrial market.

Endurance has tapped Jones Lang LaSalle's Mark Levy and John Dettleff to handle the leasing of the property.

The company expects to lease it out to one or two tenants after renovations have been made, Cohen says. It plans to invest about $10 per square foot and whatever tenant improvement work might be necessary, he says.

One reason to be bullish about this building, and the industrial market in Prince George's County in general, Dettleff tells GlobeSt.com, is that there are a number of tenants now moving into the submarket from functionality obsolete space in Northern Virginia because of the more cost effective rental rates.

"Industrial supply is shrinking," Cohen says, "and while likely shrink some more as more industrial space is renovated into other uses such as residential."

The property is located at 7721 Polk St. It also has 8,000 square feet of office space. The previous user, a pharmaceutical firm, vacated in the third quarter of 2012.