Pa. developer begins work on spec warehouse project in Burlington

A Pennsylvania-based real estate developer has begun construction on a spec warehouse project in Burlington, it announced recently.

Endurance Real Estate Group LLC, through an affiliate, has begun work on the 289,042-square-foot, two-building project at 2609 Rancocas Road, it said in a news release. The buildings are expected to be completed by early in the fourth quarter of 2021.

Radnor-based Endurance will act as development manager on the project, overseeing the general contractor, Philadelphia-based Arco Design/Build Industrial, on behalf of its development partner, Boston-based investment firm Cabot Properties.

“We are excited to see this speculative project kick off, and especially proud of our team’s perseverance in efficiently achieving approvals despite various site complexities and other unique hurdles relating to the global pandemic,” Jared Newman, Endurance’s vice president of acquisitions, said in a prepared statement. “This is our first development alongside Cabot Properties, and we look forward to completing construction and ultimate lease-up of the property.”

The property’s Building One will include 217,986 square feet of industrial space, as well as parking, loading docks and more. Building Two will include 71,056 square feet of industrial space, and also include parking, loading docks and other features.

Kurt Montagano of Newmark and John Plower, Nate Demetsky and Ryan Cottone of JLL Capital Markets were the brokers involved with the transaction.