Endurance exits 397,440 s/f PA light industrial portfolio

Genfor Real Estate provided local market expertise

Sewickley, PA — An affiliate of Endurance Real Estate Group (Endurance) announced the sale of a 397,440 s/f light industrial portfolio, known as the 79 North Portfolio, located in Sewickley for $53.5 million, to a publicly traded REIT. CBRE advised the sellers on the transaction through its National Partners team of Mike Hines, Brad Ruppel, and Joe Hill. Genfor Real Estate, led by Mateo Villa and Connor Jangro, provided local market expertise.

The six-building portfolio is located on 88.3 acres adjacent to the intersection of I-79 and Deer Run Rd., within an infill submarket of the Pittsburgh industrial market. The portfolio includes more than 10 acres of industrial outdoor storage and benefits from strong regional connectivity and high barriers to entry.

Benjamin Cohen, president of Endurance, said: “The successful sale of the 79 North portfolio exemplifies our strategy of acquiring high-quality industrial real estate at an attractive basis and creating value through active ownership. During our hold period, we advanced multiple value-creation initiatives, including the sale of an excess land parcel to a user, the building sale to a local contracting company, and developed excess land for surface parking and industrial outdoor storage. These efforts, alongside favorable market conditions, drove meaningful value appreciation and delivered a successful outcome for the joint venture”.

At the time of sale, the portfolio was 99% leased to a diversified roster of primarily publicly traded tenants, including a Fortune 2 company, Honda Motor Company, and Linde Gas. The six buildings feature an average suite size of 23,106 s/f, 22-foot clear heights, and a dock ratio of one position per 4,788 s/f—characteristics well suited to infill light industrial demand.