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Endurance RE Grp. announces Generals Portfolio acquisition

Writer's picture: MAREJMAREJ

Cushman & Wakefield team completes sale

West Norriton, PA — Affiliates of Endurance Real Estate Group, LLC (Endurance) and Greystar-Thackeray (Thackeray) announced the acquisition of a 200,359 s/f multi-tenant light industrial portfolio consisting of six buildings in West Norriton. This marks the 12th joint venture between Endurance and Thackeray since 2006. The Cushman & Wakefield team, led by Gerry Blinebury, Jonas Skovdal, and Brendan McGeary, represented the seller in the transaction and John Alascio, Aaron Graves, and TJ Sullivan, also from Cushman & Wakefield assisted in securing the acquisition financing for the buyer.

“We are excited about this acquisition, which expands our light industrial footprint in the coveted suburban Philadelphia submarket of King of Prussia,” said Benjamin Cohen, president of Endurance. “The infill nature of the portfolio in a submarket where we have first-hand experience with similar type assets, make it a compelling opportunity to acquire with one our longest standing partners Thackeray.

The property is fully leased to fifteen tenants ranging from large multi-national corporations to regional service-oriented companies. Current rents are meaningfully below market, offering substantial value-add potential through near-term lease rollover. Jonas Skovdal and Chris Butera, both from Cushman & Wakefield have been appointed as the exclusive leasing agents for the portfolio, including an upcoming 19,800 s/f availability at 2562 Blvd. of the Generals.

Jared Newman, senior vice president and partner at Endurance, added, “This acquisition continues our long-held strategy of targeting well-located, highly functional light industrial properties with high barriers to entry with limited competitive supply.”

“Partnering with Endurance on this acquisition exemplifies our shared commitment to strategically positioning ourselves in properties with strong potential for value creation,” said Joe Chu, senior managing director at Greystar. “The West Norriton portfolio aligns perfectly with our strategy, and we look forward to leveraging our collective expertise to maximize its performance in this dynamic market.”

The six-building portfolio includes properties located at 2495, 2562, and 2564 Blvd. of the Generals, as well as 603 General Washington Ave. These properties feature clear heights ranging from 18 to 20 feet, 530 parking spaces, and 46 loading positions, offering superior parking and loading ratios compared to most comparable properties. The prime location offers easy access to major highways, including Interstates 277, 76, and 476, as well as US Rtes. 422 and 202, positioning the properties within a one-day truck drive of six of the top 10 US MSAs and 60% of the Canadian population.

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