Sellers Endurance, Thackeray Find Capital Improvements Pay Off
Reflecting the strength of New Jersey’s industrial market, two real estate firms have sold a warehouse property in Burlington County for $32.2 million, nearly three times what they paid for it three years ago.
Endurance Real Estate Group of Radnor, Pennsylvania, and Thackeray Partners of Dallas said they sold 2000 Bishops Gate, a 292,466-square-foot Class A industrial property in Mount Laurel. The companies didn’t disclose who acquired the building.
Endurance and Thackeray bought the warehouse in January 2017 for $12 million from OKI Data Americas of Irving, Texas, according to CoStar data. The building was constructed in 1988 and renovated in 2019, according to the two real estate firms. It features 32-foot-clear ceiling heights, an early suppression, fast response sprinkler system and 35 dock positions.
In a statement, Endurance Senior Vice President Albert Corr said his firm and Thackeray purchased the property knowing it would be vacant in a few months. The two partner companies embarked on a $5 million capital improvement plan to upgrade and modernize the site, according to Corr.
“We demolished 75,000 square feet of office areas in the building, replaced the roof, installed new LED lighting throughout the warehouse and added 10 additional dock doors to meet the demand of today’s industrial tenants,” he said.
Endurance and Thackeray have teamed up on 10 deals in the greater Philadelphia market, Endurance President Benjamin Cohen said in a statement, describing the Mount Laurel partnership as a very successful one.
“Burlington County has seem a tremendous uptick in tenant demand and investor interest in the last few years and with our business plan completed we were able to capitalize on that growth,” Cohen said.
The Mount Laurel property was 100% leased to two tenants at the recent closing.
Article courtesy of CoStar News
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