Endurance JV Sells Philadelphia Industrial Park for $18M
The property was fully leased to four tenants at the time of the sale.
270 Canal Road. Image courtesy of CBRE
A joint venture between Endurance Real Estate Group and Thackeray Partners has completed the $18 million disposition of Penn Logistics, a four-property industrial portfolio totaling 240,358 square feet in Fairless Hills, Pa.
Exeter Property Group acquired the properties, according to public records. The assets last changed hands for $10.8 million in 2017, when the partnership purchased them from Crow Holdings, according to Yardi Matrix data.
Located on 16 acres at 199, 270, 279 and 290 Canal Road, the warehouses were built between 1968 and 1970. The properties have 24-foot clear ceiling heights and 42 dock doors. At the time of the sale, the asset was 100 percent leased to four tenants, including CTX Logistics, Hydrofarm and Heritage-Crystal Clean.
Situated close to U.S. Routes 1 and 13, Penn Logistics is 31 miles northeast of downtown Philadelphia. Other facilities in the same industrial corridor include a Rite-Aid warehouse and a K-Mart distribution center.
CBRE assisted the seller in the transaction and sourced the buyer. The brokerage team included Vice Chairmen Brian Fiumara and Michael Hines, Senior Vice President Brad Ruppel and Director Lauren Dawicki.
In January, Endurance Real Estate Group and Thackeray Partners closed the $32.2 million sale of 2000 Bishops Gate, a 292,466-square-foot industrial property in Mount Laurel, N.J. Black Creek Group purchased the warehouse.
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