MOUNT LAUREL, NJ—A joint venture of Endurance Real Estate Group and Thackeray Partners is acquiring and repositioning 2000 Bishops Gate Boulevard, a 305,250-square-foot, class A industrial warehouse property in the suburban Philadelphia community of Mount Laurel, NJ.
The partners acquired the property from Masahiko Morioka for an estimated $12 million, according to Real Capital Analytics, a proprietary research database.
Holliday Fenoglio Fowler arranged $10 million in financing through an institutional lender. Real Capital Analytics says the building is 100 percent leased to OKI Data Americas for a headquarters and distribution center, but HFF says the new owners expect to reconfigure the property, reducing the office space and increasing warehouse space to meet the immediate market demand for class A bulk distribution warehouse space in southern New Jersey.
Situated on 43.48 acres, the building is located within the 1.45 million-square-foot, master-planned Bishops Gate Corporate Center at the intersection of Route 38 and Interstate 295 (near the New Jersey Turnpike), which provides access to central and northern New Jersey.
The property, which is part of the South Burlington County Industrial submarket, is in the “3M” area of Marlton, Mount Laurel and Moorestown approximately 20 miles east of downtown Philadelphia. The 2000 Bishops Gate Boulevard building is currently available for lease and has a 30' clear height, 55' by 50' column spacing and 25 loading docks with one compactor door and two drive-in doors.
HFF managing director Ryan Ade, senior managing director Kevin MacKenzie and director Campbell Roche led the team representing the borrower.
“HFF was pleased to obtain favorable financing on behalf of our clients, Endurance and Thackeray, for their acquisition in Mount Laurel,” Ade says. “The strength of the real estate and location along with the quality of the sponsorship attracted lenders and led to a favorable outcome.”
MOUNT LAUREL, NJ—A joint venture of Endurance Real Estate Group and Thackeray Partners is acquiring and repositioning 2000 Bishops Gate Boulevard, a 305,250-square-foot, class A industrial warehouse property in the suburban Philadelphia community of Mount Laurel, NJ.
The partners acquired the property from Masahiko Morioka for an estimated $12 million, according to Real Capital Analytics, a proprietary research database.
Holliday Fenoglio Fowler arranged $10 million in financing through an institutional lender. Real Capital Analytics says the building is 100 percent leased to OKI Data Americas for a headquarters and distribution center, but HFF says the new owners expect to reconfigure the property, reducing the office space and increasing warehouse space to meet the immediate market demand for class A bulk distribution warehouse space in southern New Jersey.
Situated on 43.48 acres, the building is located within the 1.45 million-square-foot, master-planned Bishops Gate Corporate Center at the intersection of Route 38 and Interstate 295 (near the New Jersey Turnpike), which provides access to central and northern New Jersey.
The property, which is part of the South Burlington County Industrial submarket, is in the “3M” area of Marlton, Mount Laurel and Moorestown approximately 20 miles east of downtown Philadelphia. The 2000 Bishops Gate Boulevard building is currently available for lease and has a 30' clear height, 55' by 50' column spacing and 25 loading docks with one compactor door and two drive-in doors.
HFF managing director Ryan Ade, senior managing director Kevin MacKenzie and director Campbell Roche led the team representing the borrower.
“HFF was pleased to obtain favorable financing on behalf of our clients, Endurance and Thackeray, for their acquisition in Mount Laurel,” Ade says. “The strength of the real estate and location along with the quality of the sponsorship attracted lenders and led to a favorable outcome.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
