Real Estate Journal — Pennsylvania — September 15 - 28, 2017 — 3C
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P ennsylvania Endurance Real Estate Group and Thackeray Partners sell five-building portfolio JLL brokers sale of Naaman’s Creek Business Center for $16.2 million
pper Chiches- ter Twp., PA — JLL has announced the sale of the Naaman’s Creek Business Center for $16.22 million brokered by JLL’s Philadelphia Capital Markets Team, an undisclosed buyer purchased the 190,729 s/f five- building portfolio from a joint venture between Endurance Real Estate Group, LLC and Thackeray Partners . Endurance and Thackeray acquired the asset in Febru- ary 2015 and immediately executed a successful leasing strategy which resulted in an increase in occupancy from 30% to 89%. New tenants at the park include Zenith Freight Lines, the logistical arm of Bassett Furniture Industries, Inc., which took the entire 25,000 s/f building located at 25 Creek Circle, and Pentec Health, which leases the entire 35,000 s/f building located at 9 Creek Pkwy. Naaman’s Creek Business Center is a five-building flex industrial portfolio in Dela- ware County’s Upper Chiches- ter Twp. The buildings, which range in size from 25,000 s/f to 60,000 s/f, are situated in a 125 acre business park, Naa- man’s Creek Center. “JLL is seeing strong de- mand for flex properties in good in-fill locations”, said U GRCEDC president Marsdale receives Walnut ClubAward Reading, PA — The Greater Reading Chamber & Economic Development Corporation (GRCEDC) announced that KarenMars- dale , president of the Great- er Reading Chamber of Commerce & Industry , is one of the Walnut Club award recipients, selected from a list of one hundred women. Forty- two female CEOs, executive directors and C-Level Execu- tives were honored for their accomplishments in business and in their communities. Cambridge-Lee CEO, Andi Funk , a past recipient who nominated Karen said, “Kar- en is a wonderful leader. This recognition is especially meaningful because Karen has done so much to sup- port female leaders in the region with initiatives such as the Chamber’s Women- 2Women programs and Lean In Circles.” n
highly successful execution of this deal”, said Albert Corr , senior vice president of Endurance who handled the disposition on behalf of the seller. “The portfolio’s attractive setting and strong location enabled us to quickly stabilize it via multiple long term leases to major tenants including a national furniture distribution company and multiple life sciences firms. This portfolio is consistent with Endurance’s acquisi- tion strategy of acquiring functional buildings in strong in-fill locations.” n
JLL senior vice president John Plower , the lead bro- ker on the deal. “Naaman’s Creek Business Center is the perfect example of this. In just two years occupancy in- creased nearly 60%, yielding a dramatic rise in value. Func- tional and flexible assets, such as these play well in good, suburban locations surround- ing by a strong populations.” Working with Plower, JLL’s James Galbally, Brett Grifo, Erin Miller , and Chad Orcutt brokered the sale. “We are thrilled with the
Naaman’s Creek Business Center
integrating the ART of landscape architecture with the SCIENCE of civil engineering
Lime Spring Square, Lancaster
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