An affiliate of Endurance Real Estate Group, LLC is pleased to announce the acquisition of 550 Glen Avenue & 600 Glen Court, a two building, 45% occupied warehouse portfolio totaling 187,569 SF in Moorestown Township, New Jersey. 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 $5,700,000 ($30.39 PSF)
600 Glen Court is an 85,337 SF 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 Avenue next door, a warehouse building totaling 102,232 SF 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 Avenue increasing the occupancy of the portfolio to 73%. The remaining vacant space is just shy of 50,000 square feet and includes almost 4,000 square feet of office space. The buildings provide superior access to Philadelphia, a 20 minute drive, and the Southern New Jersey market via state Route 73 (2 miles away), I-295 and the NJ Turnpike.
Planned immediate improvements to 550 Glen Avenue 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- 600 Glen Court 550 Glen Avenue term and are well on our way with the new 50,000 SF lease we just signed”, noted 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 SF 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 Avenue
Endurance Real Estate Group, LLC (www.endurance-re.com), founded in 2002, is a Bala Cynwyd, Pennsylvania-based real estate owner/developer focused on income and value creation opportunities in the Mid- Atlantic region with a concentration in office and regional and bulk warehouse/distribution assets. Endurance’s current portfolio consists of over 3.4 MSF of warehouse/distribution, flex, and office assets. Affiliates of Endurance have closed on eleven separate transactions in the last 2 years, totaling over 2.8 MSF of warehouse, distribution, office and flex space. For additional information on Endurance please visit http://www.endurance-re.com.
