P ennsylvania

S hopping C enters

Real Estate Journal — Pennsylvania — Section C


M id A tlantic

Briarwood Construction serve as general contractor Graboyes completes architectural window retrofit of Alden Park, the largest in its history P HILADELPHIA, PA — Graboyes Commer- cial Window Compa-

to complete, representing a project completion that was four months ahead of schedule. “We worked hand in hand with Briarwood on a daily basis,” said senior project manager Les Schlemback , “scheduling and working to en- sure minimal disruption to the residents with efficient trans- formations of their units with new windows. The crews work diligently in multiple units at a time, with install rates of 12 to 17 windows per day depending on each unit’s size,” he said. Graboyes secured warehouse space close to the project to prep and deliver material on a just-in-time basis, an important element in making sure the

massive project ran smoothly. Graboyes completed six ad- ditional architectural / com- mercial window replacement projects in Fall of 2017, they include: • Life Time Athletic in Ard- more – 282 windows • Cooper River Square East in Pennsauken, NJ -- 312 windows • Bethlehem Retirement Vil- lage, Flourtown – 288 windows • The Hale Building, Phila- delphia – 111 windows • Lingelbach Elementary School, Philadelphia – 223 windows • UPenn’s Perelman Center for Political Science & Eco- nomics, Philadelphia – 193 windows n

HI-LIGHTS JANUARY 12 - 25, 2018 Savills Studley represent Jefferson in 237,000 s/f transaction ny announced the renovation of the occupied c. 1920s Alden Park Apartments, listed on both the National Register of Historic Places and the Phila- delphia Register of Historic Places, included replacement of 6,688 windows with carefully engineered historic replicas manufactured by Graham Architectural. Graboyes per- formed the retrofit for owner L3C Capital and general contractor Briarwood Con- struction . During the pre-

Alden Park Apartments

construction phase, precise measurement of each individ- ual window opening took tech- nicians two months according

to director of pre-construction Mike DelRossi . The window retrofit work took union gla- ziers and carpenters 14 months

Endurance announces the acquisition of The PennWarner Industrial Park in Fairless Hills

FAIRLESS HILLS, PA — An affiliate of Endurance Real Estate Group, LLC (Endurance) and Thac- keray Partners announced the acquisition of the Penn Warner Industrial Park, a four building warehouse/distribu- tion portfolio totaling 240,358 s/f in Fairless Hills (Bucks County). Endurance acquired the portfolio from an undis- closed institutional seller. The acquisition was brokered by the CBRE Northeast National Partners team of Michael Hines, Brian Fiumara, Brad Ruppel , and Lauren Dawicki . The Portfolio of buildings was constructed between 1968 and 1970, and features brick & block facades, 24’-25’5” clear ceiling heights, and an excel- lent dock door ratio of one door per 6,000 s/f. The Portfolio is strategically situated near the intersections of Rte. 1 and Rte. 13, providing easy access to Interstate 95, I-195, 295, and the NJ Tpke. These optimal logistical connections provide unique access to NYC and Philadelphia metropolitan ar- eas and the affluent consumer base of the northeastern cor- ridor, attracting a number of employers to the surrounding industrial market of Lower


Penn Warner Industrial Park ership group with flexibility to invest speculative capital. These strategic investments in base building upgrades are anticipated to expedite stabilization from the current occupancy level of 62%”, stated Albert Corr , senior vice presi- dent of Endurance. “Given the strength of the Lower Bucks distribution market as

Bucks County. Existing users within the area include Rite- Aid, Estee Lauder, Pitney Bowes, XPO Logistics, Tara Tape, and Future Foam. “The opportunity to acquire this Portfolio at pricing that is well below replacement cost attracted us to pursue this transaction. Our attractive basis will provide the new own-

well as Endurance’s hands-on management platform and lo- cal ownership presence, this opportunity was a natural fit given our recent value-added acquisition of buildings in the King of Prussia and Mount Laurel, New Jersey markets.” Endurance previously owned this Portfolio from 2003 to 2007. n



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