550 Glen Ave. and 600 Glen Court in Moorestown — Courtesy: CBRE
By Joshua Burd
A regional owner and operator has sold a two-building, 187,569-square-foot industrial portfolio in Moorestown, under a transaction arranged by brokers with CBRE.
The real estate services firm represented the seller, an affiliate of Endurance Real Estate Group LLC, in the transaction at 550 Glen Ave. and 600 Glen Court. An undisclosed real estate investment trust acquired the buildings for $13.52 million.
The CBRE team of Michael Hines, Brad Ruppel and Brian Fiumara completed the assignment, noting that the properties “represented seamless execution of infill light industrial repositioning by the Endurance team.” The brokers also procured the buyer.
“Credit tenancy, labor abundance, bridge and interstate proximity and functional high-throughput design complemented positive econometric projections based on limited available I-95/I-295 corridor supply,” said Ruppel, a senior vice president with CBRE. “The uniqueness of the opportunity resonated with a deep bench of institutional investors.”
Built in the late 1970s, the offering featured two infill warehouse and distribution buildings along South Jersey’s Interstate 295 corridor. CBRE also touted the site’s access to the New Jersey Turnpike and to the greater Philadelphia and New York regions.
The portfolio was 45 percent leased when Endurance acquired it, giving way to roof replacements at both buildings and additional improvements at 550 Glen Ave.
“Given the 550 building was 100 percent vacant at the time of acquisition, we focused our efforts on repositioning this asset including painting the interior and exterior portions of the building and upgrading the lighting in the warehouse area,” said Albert J. Corr, senior vice president at Endurance. “Shortly after we completed our renovation, we were able to secure two tenants and stabilize this portfolio.”