A team from JLL comprised of John Plower, Ryan Cottone, Zach Maguire, Dean Torosian and Nate Demetsky brokered the sale on behalf of the seller.
The 292,466-square-foot building, located at 2000 Bishops Gate, was constructed in 1988 and renovated in 2019. It has 32-foot ceilings, an ESFR sprinkler system and ample loading capacity with 35 dock positions. It is located on Route 38 and offers quick access to Exits 4 and 5 of the New Jersey Turnpike and Exit 40 of Interstate 295.
The property was fully-leased at the time of the close.
“We are thrilled to see the transformation of this project through its stabilization to disposition,“ Albert J. Corr, senior vice president at Endurance, said. “We acquired the building in early 2017 knowing it would be vacant within a few months. We set forth on a full scale $5 million capital improvement plan to upgrade and modernize the property to make it a very attractive option for prospective tenants. We demolished 75,000 square feet of office areas in the building, replaced the roof, installed new LED lighting throughout the warehouse and added 10 additional dock doors to meet the demand of today’s industrial tenants.”
Benjamin Cohen, president of Endurance, added, “Our ongoing partnership with Thackeray includes 10 deals together in the greater Philly MSA, this transaction being a very successful one. Burlington County has seem a tremendous uptick in tenant demand and investor interest in the last few years and with our business plan completed we were able to capitalize on that growth.”