2000 Bishops Gate, Mount Laurel, NJ 2000 Bishops Gate, Mount Laurel, NJ

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MOUNT LAUREL, NJ— An affiliate of Endurance Real Estate Group,which is based in Radnor, PA, and Thackeray Partners of Dallas hassold a 292,466-square-foot Class A industrial warehouse for$32.2million.

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The building at 2000 Bishops Gate was constructed in 1988 andrenovated in 2019. The Endurance-Thackeray Partners ventureacquired the complex in 2017. The building features 32-foot clearceiling heights, an ESFR sprinkler system and full dock packagesfor its 35 dock positions.

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The sellers did not disclose the identity of the buyer of theBishops Gate property, which is located on NJ Route 38 inBurlington County. The property offers access to exits 4 and 5 ofthe New Jersey Turnpike and exit 40 of I-295. The property was 100%leased to two tenants at closing.

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The JLL team of John Plower, Ryan Cottone, Zach Maguire, DeanTorosian and Nate Demetsky brokered the sale on behalf of theseller.

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"We are thrilled to see the transformation of this projectthrough its stabilization to disposition," states Albert J. Corr,SVP of Endurance.

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He notes that since acquiring the building in 2017, the Endurance-Thackeray venture undertook a$5-million capital improvement plan to upgrade and modernize theproperty, including the demolition of 75,000 square feet of officeareas in the building, the replacement of the roof, theinstallation of new LED lighting throughout the warehouse and theaddition of 10 dock doors.

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Benjamin Cohen, president of Endurance, adds, "Our ongoingpartnership with Thackeray includes 10 deals together in thegreater Philly MSA, this transaction being a very successful one.Burlington County has seen a tremendous uptick in tenant demand andinvestor interest in the last few years and with our business plancompleted we were able to capitalize on that growth."

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Last September, in a deal also arranged by JLL Capital Markets,the joint venture of Endurance and CenterSquare InvestmentManagement sold 485 Distribution Center, a 456,810–square-footdistribution center in Shiremanstown, PA, to Black Creek Group for$42.5 million.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.