X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the industrial market.)

DELANCO, NJ-Endurance Real Estate Group has acquired 579,000 sf of industrial properties for $15.7 million, a price that translates into just more than $27 per sf. The new owner of the properties declined to identify the seller.

The acquisition involves 800 Coopertown Rd. and 2700 Burlington Ave., both warehouse facilities in this Burlington County community. The former is a 270,000-sf facility that includes a 13,000-sf built-out office component near Route 130; the latter is a 309,000-sf asset consisting of two buildings of 253,000 sf and 50,000 sf and 5,000 sf of offices with almost 1,000 feet of frontage on the Delaware River.

“Recent legislation passed in the state will aid improvements made to port distribution along the Delaware River,” says Benjamin Cohen, president of the Bala Cynwyd, PA-based Endurance Real Estate. “That will increase the pool of tenants to lease the property.”

For now, the two properties are both 50% leased on a short-term basis by D-Tek Logistics. Both assets will be marketed as one of the low-cost providers in the market, “in large part due to the low operating expenses,” Cohen says. “The buildings are in move-in condition and can be divided.

“We were attracted to these assets due to the quality of construction, the ability to multi-tenant these facilities and their position as the low-cost provider of warehouse space in the market,” Cohen says. “We look forward to repositioning and offering what have historically been owner-occupied buildings to the marketplace for the first time.”

The assets are situated in a Burlington County industrial market that totals approximately 35 million sf. According to current market statistics, asking rents are generally in the $3.75 to $4.25 per sf range, and vacancy rates are below 10%.

In the sale transaction, the unidentified seller was represented by Bill Goodwin of CB Richard Ellis. Marc Isdaner of Colliers Lanard & Axilbund, Philadelphia, represented Endurance and will continue to represent the buyer in marketing the buildings for lease on a regional basis. The offering comes with tenant improvement packages.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.