The four 60,000-sf buildings were completed in 1970. The portfolio is fullyleased to five tenants: Louisville Ladder, Tara Tape, Smart Management,Northeast Retail Express, and Heritage Crystal-Clean. Benjamin Cohen,president of Endurance, tells GlobeSt.com that the earliest lease expires inApril 2004 and the longest in July 2010.
Jeff Heath of Horsham, PA-based GMAC arranged financing for the acquisitionthrough Indianapolis-based American United Life Insurance Co. Michael Hines,James Vesey, and Michael Blunt of the local office of Cushman & WakefieldCo. represented the seller in the transaction.
Endurance, based in Bala Cynwyd, PA, was co-founded in August 2002 by Cohenand William White, CEO. Both are former executives of Fortis. Endurance willmanage the acquired buildings in the Penn Warner park. Penn Warner is a4.5-million-sf industrial complex.
Endurance focuses its investment and development activities in the greaterPhiladelphia area and seeks to acquire high-income, value-added office andindustrial space in the $5-million to $60-million range, according to Cohen.
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