Endurance-Thackeray JV Sells Industrial Warehouse for $32.2M
The building at 2000 Bishops Gate was constructed in 1988 and renovated in 2019. The Endurance-Thackeray Partners venture acquired the complex in 2017.
MOUNT LAUREL, NJ— An affiliate of Endurance Real Estate Group, which is based in Radnor, PA, and Thackeray Partners of Dallas has sold a 292,466-square-foot Class A industrial warehouse for $32.2million.
The building at 2000 Bishops Gate was constructed in 1988 and renovated in 2019. The Endurance-Thackeray Partners venture acquired the complex in 2017. The building features 32-foot clear ceiling heights, an ESFR sprinkler system and full dock packages for its 35 dock positions.
The sellers did not disclose the identity of the buyer of the Bishops Gate property, which is located on NJ Route 38 in Burlington County. The property offers access to exits 4 and 5 of the New Jersey Turnpike and exit 40 of I-295. The property was 100% leased to two tenants at closing.
The JLL team of John Plower, Ryan Cottone, Zach Maguire, Dean Torosian and Nate Demetsky brokered the sale on behalf of the seller.
“We are thrilled to see the transformation of this project through its stabilization to disposition,” states Albert J. Corr, SVP of Endurance.
He notes that since acquiring the building in 2017, the Endurance-Thackeray venture undertook a $5-million capital improvement plan to upgrade and modernize the property, including the demolition of 75,000 square feet of office areas in the building, the replacement of the roof, the installation of new LED lighting throughout the warehouse and the addition of 10 dock doors.
Benjamin Cohen, president of Endurance, adds, “Our ongoing partnership with Thackeray includes 10 deals together in the greater Philly MSA, this transaction being a very successful one. Burlington County has seen a tremendous uptick in tenant demand and investor interest in the last few years and with our business plan completed we were able to capitalize on that growth.”
Last September, in a deal also arranged by JLL Capital Markets, the joint venture of Endurance and CenterSquare Investment Management sold 485 Distribution Center, a 456,810–square-foot distribution center in Shiremanstown, PA, to Black Creek Group for $42.5 million.