S hopping C enters P ennsylvania F eaturing P rojects /B uilding S ervices 785,400 s/f occupied on a long-term net lease basis to Target Corporation in York The Endurance/American team sell class A bulk distribution facility for $60 million Y www.marejournal.com M id A tlantic Real Estate Journal — Pennsylvania — Section C ORK, PA — Endur- ance Real Estate Group, LLC (“Endur-
ing four levels of pick modules. Endurance/American ac- quired the Property in 2014 in a short-term sale/leaseback from American Signature Fur- niture, subsequently upgraded the facility to an ESFR sprin- kler system, and shortly there- after secured a full-building lease to Target, commencing in early 2015. “We are thrilled with the highly successful execution of this deal”, said Benjamin Cohen, president of Endur- ance. “The Property’s unique attributes and strong location enabled us to quickly stabilize it via a long term lease to a major retailer and we were able to add additional value through the 160,600 s/f expansion of the facility to accommodate the us- er’s growth needs.” Endurance/ American were represented by the CBRE team of JosephMc- Dermott, Vincent Ranalli and Jake Terkanian in the full-building lease up. Bill Wolf of CBRE repre- sented Target locally on this project. n
ance”) an- nounced the disposition of 325 S. Salem Church Rd., a 785,400 s/f class A bulk distribution facility situ- ated in York,
Benjamin Cohen
HI-LIGHTS MAY 13 - 26, 2016 (the “Property”) and occupied on a long-term net lease ba- sis to Target Corporation. A joint venture between an affiliate of Endurance and a
325 S. Salem Church Rd.
commingled fund managed by A merican Realty Advisors (“American”) sold the Prop- erty for $60MM, or $76.39 psf to an undisclosed buyer. The Endurance/American team was represented in the sale by Michael Hines, Brian Fiumara, and Brad Rup- pel of the CBRE National Partners team. PHILADELPHIA, PA — CBRE Group, Inc. (CBRE) has arranged the transaction for the acquisition of two prop- erties tenanted by Nationwide Mutual Insurance Company (Nationwide) via a sale lease- back transaction for a combined purchase price of $54.6 million. Steve Marzullo, Justin Marlowe and Adam Silver- man of CBRE’s Greater Phila- delphia Capital Markets Team, Doug Jackson of CBRE’s Glob- al Workplace Solutions Group in Columbus, OH, and Jeremy Shyk and Michael Curran of CBRE’s Harrisburg Office Brokerage Group, represented Nationwide. Tones Vaisey PLLC represented BNL . Nationwide, a Fortune 100 company, carries investment grade credit ratings of A+ from Standard & Poor’s and A1 from Moody’s Investors Service (Moody’s), respectively, and is one of the largest diversified insurance and financial services
Under Endurance/American ownership, the Property was fully leased to Target Corpo- ration and is utilized as their Northeast Distribution Center for their e-commerce platform. Endurance/American recently expanded the Property by 160,600 s/f to accommodate Target’s growth requirement for this operation.
Located in the Central PA region of the I-81/I-78 distribu- tion corridor in Pennsylvania, the 2007-vintage Property features modern distribution building specifications includ- ing 54’ x 43’ column spacing, two 60’ staging bays, a 375’ deep truck court/ parking field, and most notably a 40’ clear height capable of accommodat-
SPOTLIGHT 5-6C PA’S PROJECTS/ BUILDING SERVICES
CBRE represent Nationwide via a sale leaseback for a combined purchase price of $54.6 million
MASSARO ANNOUNCES NEW & RETURNING TENANTS AT CAMPBELLS RUN BUSINESS CENTER
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NGKF CAPITAL MARKETS REPS. OWNER IN $41.25 MILLION SALE
Harleysville, PA
Harrisburg, PA
“The sale leaseback opportu- nity garnered significant inter- est from investors nationwide. Broadstone demonstrated a high level of professionalism, ex- ecuted timely due diligence and delivered seamlessly through to closing. Our team continues to experience a healthy demand for single tenant office and indus- trial offerings and corporations looking to monetize assets in this aggressive capital markets environment,” said Steve Mar-
zullo, senior vice president of CBRE. “We are thrilled to acquire these two Nationwide proper- ties, and to commence a new 12-year lease via this sale lease- back transaction,” said Amy Tait , chairman and CEO of Broadstone Real Estate. “BNL has assembled a fully-leased portfolio of 348 properties, and this acquisition serves to further bolster the credit strength of our portfolio.” n
companies in the world. BNL recently obtained an investment grade credit rating (Baa3 with a stable outlook) from Moody’s, and this acquisition further en- hances the REIT’s underlying tenant credit profile. The two mission-critical prop- erties, which total 385,000 s/f on 65 acres, are located in Har- risburg and Harleysville, PA, and are tenanted under one master lease for an initial term of 12 years.
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Philadelphia ULI................... 8C Philadelphia RE Council ..... 9C CREW Lehigh Valley Chapter ... 10-11C ALSO INSIDE www.marejournal.com
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