2000 Bishops Gate in Mount Laurel — Courtesy: JLL
By Joshua Burd
An investment group has reaped $32.2 million from the sale of a nearly 300,000-square-foot warehouse in Mount Laurel, under a newly announced transaction by JLL.
The sellers, an affiliate of Endurance Real Estate Group LLC and Thackeray Partners, completed the sale of 2000 Bishops Gate some three years after acquiring the property. An undisclosed buyer purchased the 292,466-square-foot warehouse, which was built in 1988 and renovated last year.
JLL’s John Plower, Ryan Cottone, Zach Maguire, Dean Torosian and Nate Demetsky represented the seller. The building was 100 percent leased to two tenants at closing.
“We are thrilled to see the transformation of this project through its stabilization to disposition,” said Albert J. Corr, senior vice president from Endurance. “We acquired the building in early 2017 knowing it would be vacant within a few months. We set forth on a full scale $5 million capital improvement plan to upgrade and modernize the property to make it a very attractive option for prospective tenants.”
According to JLL, that included demolishing 75,000 square feet of office space in the building, replacing the roof, installing new LED lighting throughout the warehouse and adding 10 additional dock doors to meet the demand of modern industrial tenants.
The building features 32-foot clear ceiling heights, modern sprinklers and ample loading capacity with full dock packages for its 35 dock positions, JLL said in a news release. With a location on Route 38, the site offers access to exits 4 and 5 of the New Jersey Turnpike and Exit 40 of Interstate 295.
“Our ongoing partnership with Thackeray includes 10 deals together in the greater Philly MSA, this transaction being a very successful one,” said Benjamin Cohen, president of Endurance. “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.”