S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
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M id A tlantic
Tony Rod of the Flynn Company represents the seller Endurance affiliate acquires 187,569 s/f warehouse portfolio in Moorestown Township
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full roof replacement. “This Portfolio provides a rare opportunity to acquire very functional warehouse buildings in a strong infill industrial market. With a low basis, in-place cash flow from the existing tenancy, and the planned improvements to 550 Glen Avenue, we feel confident in our plan to stabilize the Portfolio in the near term and are well on our way with the new 50,000 s/f lease we just signed”, said David Erlbaum , acquisitions associate at En- durance. The Endurance team has considerable ownership experi- ence in the Southern New Jer- sey market. In nearby Cherry Hill, NJ, affiliates of Endur- ance own and manage over 800,000 s/f of warehouse, flex, and single-story office space at the Cherry Hill Business Park and Colwick Business Center. Tony Rod of the Flynn Company represented the seller in the transaction and will continue as Endurance’s agent overseeing the leasing efforts at 550 Glen Ave. n
OOR E S T OWN , NJ — An affiliate of Endurance Real
HI-LIGHTS SEPT. 16 - 29, 2016 Northern NJ 5-13B NGKF represents Lincoln Equities Group in largest NJ lease of 2016 Estate Group, LLC (En- durance) announced the acquisition of 550 Glen Ave. & 600 Glen Court, a two build- ing, 45% occupied warehouse portfolio totaling 187,569 s/f in Moorestown Twp. (“Portfolio”). This portfolio resides in an infill section of the strong Bur- lington County industrial real estate market which is part of the greater Philadelphia MSA. Endurance acquired
clear height, 2,000 amp three- phase electric service, 40’ x 40’ bays, 14 loading docks, and the potential for rail service. Shortly after closing, Endur- ance signed a lease for half of the vacancy at 550 Glen Ave. increasing the occupancy of the portfolio to 73%. The remain- ing vacant space is just shy of 50,000 s/f and includes almost 4,000 s/f of office space. The buildings provide superior ac- 550 Glen Ave. & 600 Glen Court
cess to Philadelphia, a 20 min- ute drive, and the Southern New Jersey market via state Rte. 73 (2 miles away), I-295 and the NJ Tpke. Planned immediate improve- ments to 550 Glen Ave. include upgrading the warehouse lighting, milling and repav- ing the parking lot, upgrading dock doors with new levelers and seals, exterior painting, upgraded landscaping and a
SOUTHBRUNSWICK, NJ — J.G. Petrucci Company, Inc. recently completed the sale of a class ‘A’ industrial facility located at 15 Stults Rd. in South Brunswick. Jean De- sign, Inc. acquired the build- to-suit facility at an undis- closed price. Situated on 5 acres, J.G. Petrucci Company, Inc. com- pleted the development and design/build of this 63,506 s/f industrial facility, complete with 6 loading docks, 1 drive-in door, T-5 lighting system and ESFR sprinkler system. The location is conveniently located 1Ž2 mile from the New Jersey Turnpike and features excellent access to transpor- tation including Newarks Airport, four major highways and two seaports. Joel Lubin , managing di- the portfolio for $5.7 million ($30.39 psf). 600 Glen Court is an 85,337 s/f warehouse building 100% occupied by The Goodyear Tire and Rubber Company, and FinishMaster, Inc. The in-place cash flow combined with comprehensive planned improvements will support the lease up of 550 Glen Ave. next door, a warehouse building totaling 102,232 s/f with a 22’
J.G. Petrucci Company, Inc. announces the sale of a 63,506 s/f class ‘A’ industrial facility
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Nicholas Nicolaou of Gebroe-Hammer arranges $8m sale
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15 Stults Rd.
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Lubin. “This was a great op- portunity for Jebara family to customize their facility and also enables them to distribute their products to more than 130 million consumers within
a one day drive.” J.G. Petrucci Company, Inc. completed the turnkey fit out for Jean Design, Inc. They will be moving into the new facility early August 2016. n
rector of Jones Lang LaSalle , represented both the seller and the buyer in the transaction. “There is a lack of new ware- house facilities for single users in the 8A corridor,” said Joel
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