22 King Manor Drive, King of Prussia, PA
KING OF PRUSSIA, PA—A five-building, 292,110-square-foot industrial portfolio here has changed hands.
Commercial brokerage firm CBRE reports it has brokered the sale of the King of Prussia Industrial Portfolio here. The five building, 292,110-square-foot industrial/flex portfolio was sold by Endurance Real Estate Group, LLC of Blue Bell, PA and Thackeray Partners of Dallas.
The buildings were constructed in the 1960s and 1970s and feature Class B warehouse/distribution specifications including 22' average clear ceiling heights, wet sprinkler systems and ample loading capacity with full dock packages. The portfolio is situated in the Montgomery County submarket of the Philadelphia MSA industrial market, offering users proximity to I-276 and to I-76 and I-476. The portfolio was 95% leased at closing.
Brad Ruppel, Michael Hines, Brian Fiumara and Lauren Dawicki of CBRE National Partners negotiated on behalf of the sellers. No financial terms of the transaction were disclosed, including the identity of the buyer.
"Endurance and Thackeray demonstrated exceptional vision in their repositioning of these infill light industrial assets, immediately injecting capital to enhance functionality, minimize near-term maintenance and attract national tenancy," says CBRE SVP Ruppel. "A core investment layer was secured by a rent roll of loyal, entrenched credit tenancy. Investors were attracted to the combination of that projectable income, with ability to further enhance yield by capitalizing on mounting user demand driven by extreme barriers-to-entry in the King of Prussia submarket."
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
