"The property met all of our investment criteria," according to Benjamin Cohen, president of Endurance, a Bala Cynwyd, PA-based commercial real estate investment firm. "We were attracted to the quality of the building, its tenancy and its location."
The complex is currently 100% leased to three tenants, Mitsui Machinery Distribution, Carolfi Casting and Erdner Brothers. The bid for the property was unsolicited, and Cohen credits CBRE's Knowles for "bringing the deal to our attention."
The transaction marks the initial acquisition in the Garden State and third overall for Endurance, which was founded in July of 2002 by Cohen and CEO William White. Coupled with earlier deals in Fairless Hills and Bensalem, PA, the latest buy moves Endurance's portfolio to the 500,000-sf mark. The company's focus is on "high-income and value-added office and industrial properties in the Philadelphia MSA," according to Cohen.
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