Route 61 Distribution Middle. Picture courtesy of Endurance Actual Property Group
Endurance Actual Property Group has landed a brand new tenant at Route 61 Distribution Middle in Studying, Pa. Can Corp. of America Inc., a metal can producer and provider, signed a 114,550-square-foot lease.
Government Vice President Paul Touhey, Senior Vice President Sean Bleiler and Affiliate Abraham Kromah with CBRE represented the owner within the transaction.
Endurance acquired the 392,030-square-foot property in February 2022, in partnership with ASB Actual Property Investments, in a $77.6 million portfolio transaction.
Accomplished in 1965, the property options 20- to 32-foot clear heights, 5 drive-in doorways, 60 dock-doors, 100 trailer parking areas, 240 automobile parking spots and an workplace space that encompasses 6.9 p.c of the whole sq. ft. The constructing is absolutely occupied—Landis Logistics, Pratt Industries and Reitnouer Enterprises are among the many tenants on the property.
The distribution heart is at 184 Tuckerton Highway within the Lehigh Valley submarket, roughly 32 miles from Allentown and 64 miles from Philadelphia, offering entry to Route 61 and U.S. Route 222. Firms within the surrounding space embody UPS, Crossroads Beverage Group and Berks Can, amongst others.
Endurance’s Mid-Atlantic footprint
The Pennsylvania-based firm, fashioned in 2002, has since acquired and developed greater than $1.3 billion of belongings totaling 20.6 million sq. ft. Endurance at the moment owns and operates a portfolio of 54 buildings, encompassing greater than 5.3 million sq. ft, and has roughly 2.3 million sq. ft in growth levels.
Final yr, the corporate accomplished Middletown Logistics Middle, a 251,200-square-foot industrial facility in Middletown, Pa. The property was leased to IPEX USA.
By the top of 2022, Endurance, in a three way partnership with Guardian Life Insurance coverage Co. broke floor on Chambersburg Logistics Park, a 1 million-square-foot industrial venture. Completion is predicted within the fourth quarter of 2023.
As of January, Philadelphia’s in-place rents recorded a 6.9 p.c progress during the last 12 months, on par with the nationwide fee, a CommercialEdge report exhibits. The market’s emptiness stood at 4.1 p.c, simply 10 foundation factors above the nationwide fee.
