JLL has announced the sale of the Naaman’s Creek Business Center for $16,220,000 on August 25. Brokered by JLL’s Philadelphia Capital Markets Team, an undisclosed buyer purchased the 190,729 SF five-building portfolio from a joint venture between Endurance Real Estate Group, LLC and Thackeray Partners.
Endurance and Thackeray acquired the asset in February 2015 and immediately executed a successful leasing strategy which resulted in an increase in occupancy from 30% to 89%. New tenants at the park include Zenith Freight Lines, the logistical arm of Bassett Furniture Industries, Inc., which took the entire 25,000 SF building located at 25 Creek Circle, and Pentec Health, which leases the entire 35,000 SF building located at 9 Creek Parkway.
Naaman’s Creek Business Center is a five-building flex industrial portfolio in Delaware County’s Upper Chichester Township. The buildings, which range in size from 25,000 SF to 60,000 SF, are situated in a 125 acre business park, Naaman’s Creek Center. The buildings were constructed from the late 1990’s through the early 2000’s and feature all-masonry facades, 19’ clear ceiling heights, and multiple configurations to accommodate a diversity of tenant requirements. The portfolio fronts Route 322, providing easy access to Interstate 95 and the Philadelphia International Airport to the east (a 15 minute drive), as well as Interstate 476, which presents a direct connection from Interstate 95 to the Pennsylvania Turnpike.
“JLL is seeing strong demand for flex properties in good in-fill locations”, said JLL Senior Vice President John Plower, the lead broker on the deal. “Naaman’s Creek Business Center is the perfect example of this. In just two years occupancy increased nearly 60%, yielding a dramatic rise in value. Functional and flexible assets, such as these play well in good, suburban locations surrounding by a strong populations.”
Working with Plower, JLL’s James Galbally, Brett Grifo, Erin Miller, and Chad Orcutt brokered the sale.
“We are thrilled with the highly successful execution of this deal”, said Albert J. Corr, Senior Vice President of Endurance who handled the disposition on behalf of the Seller. “The portfolio’s attractive setting and strong location enabled us to quickly stabilize it via multiple long term leases to major tenants including a national furniture distribution company and multiple life sciences firms. This portfolio is consistent with Endurance’s acquisition strategy of acquiring functional buildings in strong in-fill locations.”
For more information, visit http://www.jll.com/
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. AFortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.
About Endurance Real Estate Group
Founded in 2002, Endurance is a Bala Cynwyd, Pennsylvania-based real estate owner/developer focused on income and value creation opportunities in the Mid- Atlantic region with a concentration in regional and bulk warehouse assets, as well as office and flex assets. Endurance’s current portfolio consists of almost 4.0 million square feet of warehouse/distribution, flex, and office assets. Affiliates of Endurance have closed on nine separate transactions over the last 3 years, totaling over 2.5 million square feet of warehouse, distribution, office, and flex space. For additional information on Endurance, please visit www.endurance-re.com
About Thackeray Partners
Founded in 2005, Thackeray Partners is a real estate investment firm seeking a diversified portfolio of stabilized, value-add, and development opportunities in industrial and multifamily properties throughout the United States, with a balance of income and capital appreciation on behalf of its partners. Thackeray invests in real estate through a series of private equity funds. The limited partners of Thackeray’s funds consist primarily of university and hospital endowments, charitable foundations, and U.S. based family offices. Since inception, Thackeray has closed on joint venture and direct real estate transactions totaling over $3.8 billion, representing equity placements of over $800 million. Total investment activity includes over 175 separate transactions representing approximately 18,500 apartment units and 14 million square feet of industrial space. For more information, visit www.thackeraypartners.com.