Endurance RE buys two south NJ warehouses along I-295 corridor

Endurance RE buys two south NJ warehouses along I-295 corridor

Published at: 2019-07-18 15:19 | Author: CIJ USA
The Endurance Real Estate Group has closed on the disposition of a two-building industrial asset located in Moorestown, New Jersey. The 187,569 sqf facility sold for a combined $13.52 million or an average of just over $72 per sqf. Constructed in 1970's along South Jersey’s I-295 corridor, the asset provides access to I-295, the New Jersey Turnpike, as well as the Philadelphia and New York MSAs. The CBRE team of Michael Hines, Brad Ruppel, and Brian Fiumara represented Endurance and procured the buyer, an undisclosed REIT.

“Shortly after we acquired the 45% leased portfolio, we implemented our speculative capital improvement plan which included the replacement of both building’s roofs," said Albert J. Corr, Senior Vice President at Endurance. The company also made improvements to one of the buildings, which was empty, including a new paint job and installing new lighting.

Similar Stories:

W. P. Carey buys three industrial properties for $124m
W. P. Carey has closed on the purchase of three industrial properties for a combined $124m  »
Blackstone acquires Colony Industrial in $5.9bn deal
Blackstone Real Estate Partners IX has agreed to acquire Colony Industrial, the industrial  »
W. P. Carey sells three industrial portfolios for $111m
W. P. Carey has acquired three industrial portfolios for a total of approximately $111m. T  »
Treetop buys New Jersey industrial property for $17.3m
Treetop Development acquired a 207,000 sq ft industrial property in Northvale, New Jersey,  »
The industrial sector of commercial real estate has changed radically over the past few ye   »
industrial logistics brokers are relying increasingly on data to help them find the best p   »
Scott Gregory, market officer at Prologis in Florida, says the breakdown can be seen geogr   »