Endurance affiliate acquires 187,569 s/f warehouse portfolio in Moorestown Township
Moorestown, NJ — An affiliate of Endurance Real Estate Group, LLC (Endurance) announced the acquisition of 550 Glen Ave. & 600 Glen Court, a two building, 45% occupied warehouse portfolio totaling 187,569 s/f in Moorestown Twp. (“Portfolio”). This portfolio resides in an infill section of the strong Burlington County industrial real estate market which is part of the greater Philadelphia MSA. Endurance acquired the portfolio for $5.7 million ($30.39 psf). 600 Glen Court is an 85,337 s/f warehouse building 100% occupied by The Goodyear Tire and Rubber Company, and FinishMaster, Inc. The in-place cash flow combined with comprehensive planned improvements will support the lease up of 550 Glen Ave. next door, a warehouse building totaling 102,232 s/f with a 22’ clear height, 2,000 amp three-phase electric service, 40’ x 40’ bays, 14 loading docks, and the potential for rail service. Shortly after closing, Endurance signed a lease for half of the vacancy at 550 Glen Ave. increasing the occupancy of the portfolio to 73%. The remaining vacant space is just shy of 50,000 s/f and includes almost 4,000 s/f of office space. The buildings provide superior access to Philadelphia, a 20 minute drive, and the Southern New Jersey market via state Rte. 73 (2 miles away), I-295 and the NJ Tpke. Planned immediate improvements to 550 Glen Ave. include upgrading the warehouse lighting, milling and repaving the parking lot, upgrading dock doors with new levelers and seals, exterior painting, upgraded landscaping and a full roof replacement. “This Portfolio provides a rare opportunity to acquire very functional warehouse buildings in a strong infill industrial market. With a low basis, in-place cash flow from the existing tenancy, and the planned improvements to 550 Glen Avenue, we feel confident in our plan to stabilize the Portfolio in the near term and are well on our way with the new 50,000 s/f lease we just signed”, said David Erlbaum, acquisitions associate at Endurance. The Endurance team has considerable ownership experience in the Southern New Jersey market. In nearby Cherry Hill, NJ, affiliates of Endurance own and manage over 800,000 s/f of warehouse, flex, and single-story office space at the Cherry Hill Business Park and Colwick Business Center. Tony Rod of the Flynn Company represented the seller in the transaction and will continue as Endurance’s agent overseeing the leasing efforts at 550 Glen Ave.