Endurance Sells King of Prussia Industrials

KING OF PRUSSIA, PA—An affiliate of Endurance Real Estate Group of Bala Cynwyd, PA and its joint venture equity partner, Thackeray Partners of Dallas, TX, have sold 420 and 440-488 Drew Court, two class A warehouse/flex buildings totaling 146,906 square feet, on 8.53 acres of land, to a private REIT.

While it owned the property, Endurance successfully expanded a major tenant, Pinnacle Textile Industries, on two separate occasions, as well as extending Pinnacle's lease term. Endurance also successfully retained other tenants during its ownership period.

“Upon acquisition, we were successful in implementing a base-building renovation program which was a key factor in maintaining 100% occupancy during our holding period,” says Benjamin Cohen, president of  Endurance. “The access to the property with the recent creation of the Henderson Road slip ramp off of I-76 was further improved. Due to the stability of the rent roll, in-fill nature of the asset, and lack of industrial product for sale, it was an optimal time to sell and a successful investment for our joint venture.”

The sale of the property comes on the heels of Endurance/Thackeray's recent purchase of  Naaman's Creek Business Center, a five building flex portfolio totaling 190,729 square feet in Upper Chichester Township, Delaware County, which is actively being marketed for lease.

CBRE National Partners' team of Michael D. Hines, Brian Fiumara, and Brad A. Ruppel represented the Endurance/Thackeray partnership in the transaction.

The Endurance/Thackeray joint venture acquired the property in December of 2011. It was developed in 1975 and features all the amenities required by contemporary distribution/flex tenants including 20-22' ceiling heights, 24 loading doors, wet sprinkler system, and approximately 30,000 square feet of office space (20%). It is currently 100% occupied, and has averaged 95% occupancy for the past 10 years.