Endurance RE buys two south NJ warehouses along I-295 corridor

The Endurance Real Estate Group has closed on the disposition of a two-building industrial asset located in Moorestown, New Jersey. The 187,569 sqf facility sold for a combined $13.52 million or an average of just over $72 per sqf. Constructed in 1970's along South Jersey’s I-295 corridor, the asset provides access to I-295, the New Jersey Turnpike, as well as the Philadelphia and New York MSAs. The CBRE team of Michael Hines, Brad Ruppel, and Brian Fiumara represented Endurance and procured the buyer, an undisclosed REIT.

“Shortly after we acquired the 45% leased portfolio, we implemented our speculative capital improvement plan which included the replacement of both building’s roofs," said Albert J. Corr, Senior Vice President at Endurance. The company also made improvements to one of the buildings, which was empty, including a new paint job and installing new lighting.