The seller, First Industrial Realty Trust, was represented by Michael Blunt and Michael Hines of CB Richard Ellis, while the Bala Cynwyd, PA-based Endurance was represented in-house. The sale price was not released.
The two largest buildings just acquired are 2030 and 2040 Springdale Rd., single-story assets amounting to just less than 138,000 sf combined. The properties are currently 100% leased to JDR Shoe Warehouse, Garden State Discovery Museum, Dal-Tile and Avalon Flooring. The 13 other buildings, including 1939 Olney Ave., total just less than 600,000 sf, and are 91% leased to such tenants as Commerce Bank, B. Braun Medical, Aquahab and Flying Fish Brewery.
"This acquisition is the type of deal we're looking for," says Endurance president Benjamin Cohen. "It provides a combination of stability in the diversity of the rent roll, and the ability to add further value through the development of the land, sales to users, and continuing to convert warehouse space to higher uses."
Kevin Stackhouse, the firm's director of asset management, says that "the park provides an opportunity with a solid tenant base as well as the upside of the additional retail development opportunities along Springdale Rd."
Endurance closed the deal all-cash, but with the intention of placing debt on the portfolio post-closing. To that end, the firm has enlisted the help of Jim Gunning and Donna Falzarano of CBRE Capital Markets, Debt and Equity Finance, Saddle Brook.
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