The Endurance/American team sell class A bulk distribution facility for $60 million

May 17, 2016

 

York, PA — Endurance Real Estate Group, LLC (“Endurance”) announced the disposition of 325 S. Salem Church Rd., a 785,400 s/f class A bulk distribution facility situated in York, (the “Property”) and occupied on a long-term net lease basis to Target Corporation. A joint venture between an affiliate of Endurance and a commingled fund managed by American Realty Advisors (“American”) sold the Property for $60MM, or $76.39 psf to an undisclosed buyer. The Endurance/American team was represented in the sale by Michael Hines, Brian Fiumara, and Brad Ruppel of the CBRE National Partners team.

Under Endurance/American ownership, the Property was fully leased to Target Corporation and is utilized as their Northeast Distribution Center for their e-commerce platform. Endurance/American recently expanded the Property by 160,600 s/f to accommodate Target’s growth requirement for this operation.

Located in the Central PA region of the I-81/I-78 distribution corridor in Pennsylvania, the 2007-vintage Property features modern distribution building specifications including 54’ x 43’ column spacing, two 60’ staging bays, a 375’ deep truck court/ parking field, and most notably a 40’ clear height capable of accommodating four levels of pick modules.

Endurance/American acquired the Property in 2014 in a short-term sale/leaseback from American Signature Furniture, subsequently upgraded the facility to an ESFR sprinkler system, and shortly thereafter secured a full-building lease to Target, commencing in early 2015.“We are thrilled with the highly successful execution of this deal”, said Benjamin Cohen, president of Endurance. “The Property’s unique attributes and strong location enabled us to quickly stabilize it via a long term lease to a major retailer and we were able to add additional value through the 160,600 s/f expansion of the facility to accommodate the user’s growth needs.”

Endurance/American were represented by the CBRE team of Joseph McDermott, Vincent Ranalli and Jake Terkanian in the full-building lease up.Bill Wolf of CBRE represented Target locally on this project. 

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