Business & Investment

Lee High Valley Warehouse Trades $ 62 Million

3747 Hecktown Road. Image courtesy of Endurance Real Estate Group LLC

Endurance Real Estate Group LLC continues to take advantage of the investment community’s thirst for industrial products to dispose of other assets. An industrial real estate developer has sold approximately 307,300 square feet of fully rented warehouse / distribution property, 3747 Hecktown Road, in Easton, Pennsylvania, which is part of the demanding Lee High Valley market, for $ 62.3 million.

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Endurance’s sale of 3747 Hecktown will take place five years after the company’s sole tenant, Phillips Pet Food & Supplies, acquired 28 acres of industrial real estate from Phillips & Phillips for $ 28.5 million. Philips Pet Food opened in 1986 and continues to maintain its headquarters and major northeastern distribution centers in a building that expanded to its current scale in 2013.

In a prepared statement, Albert Corr, Senior Vice President of Endurance, said demand for the 3747 Hecktown was very strong among investors. And that’s no wonder. The industrial sector in the region has been very strong lately. “Like the submarkets in central Pennsylvania, the Lehi Valley submarkets are active. According to a Newmark report, annual absorption increased to 4.1 million square feet this quarter.

Endurance relied on JLL Capital Markets’ John Plower, Ryan Cottone, Zach Maguire and Jeff Lockard as marketing services and agents for the 3747 Hecktown transaction.

Sale … and a good time to buy

The sale of 3747 Hecktown marks the fourth disposal of Endurance in 2021. Recently, the company and its joint venture partner, ASB Real Estate Investments, sold approximately 430,400 square feet of multi-tenant property in 450 Winks Lane, Buck County, Pennsylvania. .. Became an EQT Excelter with a $ 42 million deal in September.

However, Endurance is making new additions to its portfolio as quickly as it sells its assets. In October, the company partnered with ASB. Buy $ 91 Million Logistics Center, a 1 million square foot warehouse / distribution facility in the 1.5 million square foot York Business Center in York, Pennsylvania.

Lee High Valley Warehouse Trades $ 62 Million Lee High Valley Warehouse Trades $ 62 Million

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