KING OF PRUSSIA, PA—An affiliate of Endurance Real Estate Group of Bala Cynwyd, PA and its joint venture equity partner, Thackeray Partners of Dallas, TX, have sold 420 and 440-488 Drew Court, two class A warehouse/flex buildings totaling 146,906 square feet, on 8.53 acres of land, to a private REIT.
While it owned the property, Endurance successfully expanded a major tenant, Pinnacle Textile Industries, on two separate occasions, as well as extending Pinnacle's lease term. Endurance also successfully retained other tenants during its ownership period.
“Upon acquisition, we were successful in implementing a base-building renovation program which was a key factor in maintaining 100% occupancy during our holding period,” says Benjamin Cohen, president of Endurance. “The access to the property with the recent creation of the Henderson Road slip ramp off of I-76 was further improved. Due to the stability of the rent roll, in-fill nature of the asset, and lack of industrial product for sale, it was an optimal time to sell and a successful investment for our joint venture.”
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