More than 240,300 square feet of warehouse and distribution space in Falls Township changed hands recently.
Endurance Real Estate Group LLC and Thackeray Partners have purchased the four-building Penn Warner Industrial Park on Canal Road from an “undisclosed institutional seller.” The terms of the deal were not announced, but county records indicate the sale late last month was for at least $10.8 million.
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The sale does not include all the buildings along Canal Road, which is listed in county land records as Towpath Road, but does include four buildings listed by the new owners.
“Given the strength of the Lower Bucks distribution market as well as Endurance’s hands-on management platform and local ownership presence, this opportunity was a natural fit given our recent value-add acquisition of buildings in the King of Prussia and Mount Laurel, New Jersey markets,” said Albert J. Corr, senior vice president of Delaware County-based Endurance Real Estate Group.
Corr said in a statement that the current occupancy rate of the four buildings in 62 percent. The new owners plan to grow that number.
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The properties were attractive to the new owners because of their access to the Philadelphia and New York City areas.
