Endurance, PCCP Buy New Jersey Properties Totaling 553K SF
Pennsylvania developer Endurance Real Estate Group and PCCP LLC, a real estate investment management company, acquired a seven-building warehouse/distribution portfolio in South Jersey outside of Philadelphia for $42.9M.
The identity of the seller of the 553K SF portfolio, which properties in Swedesboro, Delran and Mount Laurel, New Jersey, wasn't disclosed.
Endurance and PCCP say the properties are 88% leased to 22 tenants anchored by Food Science Inc., Carnegie Pharmaceuticals LLC and The Jewelry Group. Their location near Route 295 and the New Jersey Turnpike makes then accessible to both the Philadelphia and New York areas.
CBRE's Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki represented the seller.