Pennsylvania-based Endurance Real Estate Group and its equity partner Cabot Properties have begun construction on a 289,042 s/f, two-building warehouse at 2609 Rancocas Road in Burlington, NJ.
The JV acquired the 56.6 acre site in a deal brokered by JLL and Newmark.
The JV went to contract on the deal 18 months ago and has been working on securing full approvals for the development. They declined to disclose the sale price or the seller.
“We are excited to see this speculative project kick off and especially proud of our team’s perseverance in efficiently achieving approvals despite various site complexities and other unique hurdles relating to the global pandemic,” said Jared Newman, VP of Acquisitions of Endurance.
“This is our first development alongside Cabot Properties, and we look forward to completing construction and ultimate lease up of the Property,”
“Despite the current health crisis, the strength of the Burlington County submarket and all of New Jersey has not slowed a bit and, if anything, tenant demand has accelerated. We are bullish on our ability to pre-lease these buildings with their best-in-class-design features and superb location,” noted Benjamin Cohen, President of Endurance.
Endurance will act as development manager and oversee general contractor Arco Design / Build Industrial.
Building One (217,986 s/f) will be a newly constructed 36 ft. clear industrial facility equipped with 42 loading docks, two drive in doors, LED lighting, an ESFR sprinkler system, 180 car parking spaces, and 28 trailer parking spaces.
Building Two (71,056 s/f) will be a newly constructed 32 ft. clear industrial facility equipped with 13 loading docks, one drive in door, LED lighting, an ESFR sprinkler system, and 69 car parking spaces.
The buildings are expected to be completed by early 4Q 2021.
Kurt Montagano of Newmark represented the seller in the transaction and John Plower, Nate Demetsky, and Ryan Cottone of JLL Capital Markets advised Endurance.