In order to make way for Smart's expansion, New England Retail Express contracted into a 30,000-sf space in Penn Warner. The company was represented in the negotiations by Richard Smith of Wayne, PA-based GVA Smith Mack. Endurance and Smart were both represented in house.
Penn Warner consists of four, 60,000-sf buildings. Each has 24-ft clear ceiling heights, nine tailgates and one drive-in door, and all are rail served. Endurance manages the property, which remains 100% occupied.
Smart is a subsidiary of New Jersey-based CTX Group, which provides warehousing and delivery services to major corporations. Under the new lease, it occupies space in two Penn Warner buildings, those located at 270 and 290 Canal Rd.
Cohen and William White founded Endurance in August 2002. It concentrates its investment and development activities in Philadelphia and the surrounding area and focuses on acquiring office and industrial properties in the $5-million to $60-million range.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
