Endurance sells Colwick Business Center in NJ
A joint venture between Endurance Real Estate Group and Blue Vista Capital Management have closed on the disposition of the Colwick Business Center. The duo sold the three-building office complex in Cherry Hill, New Jersey for $17.4 million. The portfolio totals over 172,500 sqf and is currently 90 percent leased with a weighted average lease term of six years. JLL Capital Markets brokered the deal with the buyer, an undisclosed, Brooklyn-based company.
"We’re very hands-on when it comes to our acquisition strategy. We invest in under-performing assets with potential and reposition them, which is exactly what we accomplished by securing a long-term credit tenant in our largest available unit last year,” said Endurance's Senior Vice President Albert J. Corr.