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READING, PA-A newly formed joint venture between Endurance Real Estate Group and Brasler Properties has acquired the 378,000-sf Premium Business Center. The deal includes extra land for future expansion.

Benjamin Cohen, president of Endurance, tells GlobeSt.com the price was $12.2 million, or just north of $32 per sf for the 171 Tuckerton Rd. property. The seller is locally based Group 3 Properties. Michael Hines and Michael Blunt of the CB Richard Ellis investment sales group in Philadelphia were the deal's sole brokers.

The asset, fully leased to two tenants, consists of two joined buildings. The Power Packaging division of Exel occupies the larger, newer portion of the property, which is a 208,000-sf food-grade distribution facility. Exel is part of the Deutsche Post World Net Group and a sister company of DHL. The building was completed in 1999, according to Cohen.

Fibermark Inc. leases the connected 170,000-sf light manufacturing and warehouse facility, built in 1956 and expanded in 1966. The business center includes 6.5 acres of excess land, which Cohen says can accommodate a building expansion of about 85,000 sf although the partners have no immediate plans to expand.

Brasler also owns the 390,000-sf Rte. 61 Distribution Center, which is located directly across Tuckerton Road. Chris Brasler, president, says his company "already has an experienced team in place to handle management of the newly acquired asset."

This is the first, but not the last joint acquisition planned by Bala Cynwyd-based Endurance and Philadelphia-based Brasler. "We hope this is the first of many," Cohen says. "We're focused on acquiring additional properties along the I-81 corridor and in the Central Pennsylvania distribution market."

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