Endurance Acquiring 430K SF Industrial in Bensalem, PA

BENSALEM, PA—An affiliate of Radnor, PA-based Endurance Real Estate Group is acquiring 450 Winks Lane, a 430,373 square-foot warehouse/distribution building in Bensalem, PA, from Ivy Realty for $23.7 million.

The property is 97.4% leased to three tenants, National Refrigeration, Rolled Metal Products and Brenner Aerostructures, all of which have extended their leases in the past.

The seller was represented by Cushman & Wakefield’s team of Gerry Blinebury and Jonas Skovdal, along with Gary Gabriel and Kyle Schmidt of the firm’s East Rutherford, NJ-based Capital Markets team.

“Our team spent the past nine months working with the seller to coordinate the sale of this highly-desirable property to a leading real estate, investment and development company in Philadelphia,” says Blinebury, executive managing director. “The newly-renovated complex boasts three long-standing tenants with extended, rent-stabilized leases, and offers accessibility to a sought-after suburban location supported by a rich, diverse labor pool in one of the nation’s most populous metropolitan regions.”

“This acquisition combined many aspects of our targeted investment program including its superior location, stable tenancy, and opportunity to improve the functionality in the future,” says Jared Newman, vice president of acquisitions at Endurance. “We continue to seek well-located investment opportunities in the industrial space for our institutional and private investors all across the Mid-Atlantic.”

Endurance is a real estate owner/developer focused on income and value creation opportunities in the Mid-Atlantic region with a concentration in regional and bulk warehouse/distribution assets and office. Endurance is currently speculatively developing the Interstate Distribution Center in Pittston, PA, a 1.1 million square-foot warehouse with an additional 1.2 million square feet in the planning stages at various sites within the I-81/I-78 corridor.

“Locations like 450 Winks Lane are becoming increasingly difficult to find in the greater Philadelphia marketplace,” says Blinebury. “We worked diligently with the seller to facilitate the transaction and help the new owner recognize the long-term value and opportunities this asset has to offer.”

The property’s location along I-95 provides convenient north, south, east and west access to the Greater Philadelphia MSA via the Pennsylvania Turnpike (I-276) and Route 1. The Bensalem market is a mature infill destination with a history of high occupancy. According to Cushman & Wakefield, the greater Southeastern PA industrial market is reporting a vacancy rate of 3.2%, and this rate is even lower in the Lower Bucks County submarket at 1.1%. The property is strategically located within a day’s drive of more than 115 million consumers and should significantly benefit from the recently completed $1.1 billion I-95 and Pennsylvania Turnpike Interchange Project.

Recent renovations to 450 Winks Lane, which was built in 1973, include the addition of a new roof and upgrades to the building’s mezzanine and landscaping. The single story, Class B industrial facility features ceiling heights with up to 40 feet of clearance; LED and T-5 lighting; 38 dock-high loading doors; 6 drive-in doors; 13,200 amp, 3-phase electric service; and a 2.54-acre parking lot capable of accommodating 450 vehicles. The building sits on 16.2 +/- acres in four quadrants and includes an additional 2.5 acres of macadam surfaced land.

National Refrigeration, Rolled Metal Products and Brenner Aerostructures use the facility for manufacturing, warehousing and distribution.

UPDATED, 2:14 p.m. 1/28/2019: This article has been updated to reflect additional information about the property and comments about the transaction from Cushman & Wakefield.