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NAZARETH, PA-An affiliate of Endurance Real Estate Group LLC has acquired the 188,500-sf manufacturing and warehouse facility at 2860 Bath Pike from S&L Plastics, which will continue to occupy 68% of the space under a long-term lease. This marks Bala Cynwyd-based Endurance’s entry into the Lehigh Valley.

Benjamin Cohen, president of Endurance, tells GlobeSt.com it paid $6.6 million for the asset. He also says his company hopes to acquire additional properties in this area. S&L is the original occupant of the building, which was expanded to 78,500 sf in four stages between 1955 and 1995, and expanded by another 110,000 sf in 2001.

The property is 10 miles from Lehigh Valley International Airport and within striking distance of Routes 191, 248, 33 and I 80 and 78. It is S&L’s headquarters, and Cohen says S&L is occupying the original older manufacturing portion of the asset along with 49,000 sf of the “more modern, warehouse portion. We look to further enhance the value by leasing the remaining 61,000 sf of vacancy in the newer portion,” he says.

He declined to provide an asking rent rate. On condition of anonymity, a broker familiar with warehouse properties here tells GlobeSt.com the average asking rent rate in this market is about $4.50 per sf.

Michael Zerbe and Lee Fein of the Conshohocken office of Colliers Lanard & Axilbund, along with Deb Reimer of Bethlehem-based Reimer Real Estate Inc., represented S&L in the transaction, and Endurance spoke for itself. Colliers and Reimer are marketing the remaining space for lease.

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