Business & Investment

ASB, Endurance Pay $ 91M for Pennsylvania Industrial Asset

The iconic motorcycle manufacturer occupies most of the 1.5 million square foot site.

York Business Center. Image courtesy of Endurance Real Estate Group

The joint venture between ASB Real Estate Investments and Endurance Real Estate Group has purchased a 1.5 million square foot industrial center in York, Pennsylvania, making it their fourth investment. Equity Industrial Partners has pocketed $ 91 million in three buildings.

ASB has purchased the York Business Center on behalf of a $ 7.4 billion core vehicle called the Alliance Real Estate Fund. According to Commercial Edge, the seller acquired 119 acres of real estate in 2008.

The building is near Interstate 83, adjacent to Route 30 and the York Mall Shopping Center. The two largest structures are 787,600 sq ft and 686,000 sq ft, with a clear height of 32 ft and an average ratio of one dock per 7,000 sq ft. On-site parking is available for 1,600 cars and 400 trailers.

This facility is mainly occupied by Harley-Davidson. Due to its proximity to the motorcycle company’s York plant, Harley-Davidson manufactures and preassembles just-in-time on-site. Other tenants include LSC Communications and WellSpan, a non-profit healthcare delivery company. The latter utilizes 53,670 square feet of office space in the property as a mission-critical operations center.

Investing in Pennsylvania

According to President Benjam, the deal is Endurance’s largest purchase ever.At Cohen. The Pennsylvania-based group is currently building another logistics center in the Harrisburg area. 2070N in Middletown, Pennsylvania. The 251,200-square-foot facility, located on 110 acres of land in Union St., is expected to be completed in the spring of 2022.

ASB’s US industrial portfolio includes approximately 10 million square feet and is 99% leased. In September, the partnership sold 430,373 square feet of industrial assets in Bensalem, Pennsylvania to EQT Excelter. Got real estate for $ 42 million.. ASB and Endurance paid the facility $ 23.7 million in late 2018.

ASB, Endurance Pay $ 91M for Pennsylvania Industrial Asset ASB, Endurance Pay $ 91M for Pennsylvania Industrial Asset

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