Endurance Real Estate Group has purchased a 430,373-square-foot warehouse and distribution facility in Bensalem, Penn., through an affiliate, for $23.7 million. Ivy Realty sold the asset, after initially acquiring it in 2017 for $13 million, according to Yardi Matrix data.
The property is located at 450 Winks Lane, with immediate access to interstates 95, 295 and 276 (Pennsylvania Turnpike). The Class B property, constructed in 1975, received thorough renovations in 2018, including a new roof, upgrades to the building’s mezzanine and landscaping. The warehouse/distribution facility features clearance heights ranging from 28 to 40 feet, LED and T-5 lighting, 38 dock-high loading doors, 6 drive-in doors and 13,200-amp, three-phase electric service. The warehouse is currently 97.4 percent leased to three tenants (National Refrigeration, Rolled Metal Products and Brenner Aerostructures), which recently renewed their leases.
“Our team spent the past nine months working with the seller to coordinate the sale of this highly-desirable property to a leading real estate, investment and development company in Philadelphia. The newly-renovated complex boasts three long-standing tenants with extended, rent-stabilized leases, and offers accessibility to a sought-after suburban location supported by a rich, diverse labor pool in one of the nation’s most populous metropolitan regions,” said Gerry Blinebury, executive managing director at Cushman & Wakefield Capital Markets, in a prepared statement.
Blinebury, together with Senior Associate Jonas Skovdal, Vice Chairman Gary Gabriel and Managing Director Kyle Schmidt brokered the sale on behalf of Ivy Realty. Cushman & Wakefield’s Capital Markets team recently facilitated another transaction in Pennsylvania, the acquisition of a 507,634-square-foot warehouse in Mechanicsburg, Penn. by Penwood Select Industrial Partners.
According to Cushman & Wakefield, Bensalem is a market with a history of high industrial occupancy. The greater southeastern Pennsylvania market currently has a vacancy rate of 3.2 percent, and some submarkets, such as Lower Bucks County, have vacancies as low as 1 percent.
Photo courtesy of Cushman & Wakefield