Endurance announces the acquisition of the SNJ portfolio
Delran and Mount Laurel, NJ — An affiliate of Endurance Real Estate Group, LLC (Endurance) and PCCP, LLC (PCCP) announced the acquisition of the Southern NJ Core Infill Portfolio, a seven building, 553,548 s/f warehouse/distribution portfolio located in Swedesboro, Delran and Mount Laurel. The portfolio is currently 88% leased to 22 tenants, anchored by Food Sciences, Inc., Carnegie Pharmaceuticals, LLC, and The Jewelry Group, Inc. Endurance and PCCP acquired the portfolio for $42.925 MM. The team of Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki of CBRE, Inc. represented the seller in this transaction.The Burlington and Gloucester County markets are mature infill destinations with a history of high occupancy and rapid rent growth. According to CBRE, the Burlington industrial market is reporting a vacancy rate of 5.4%, while the Gloucester County industrial market is reporting a vacancy rate of 6.2%.