Exeter Property Group buys Bucks County industrial portfolio

A partnership between affiliates of Endurance Real Estate Group and Thackeray Partners sold an industrial portfolio in Bucks County for $18 million to Exeter Property Group.

The Endurance venture bought the four-building, 240,358-square-foot complex at the Penn Warner Industrial Park in Fairless Hills in early 2018 for $10.8 million, or $45 a square foot, from Crow Holdings. Endurance had also owned the buildings – located at 199, 270, 279 and 290 Canal Road – between 2003 and 2007.

The portfolio is in proximity to several highways including I-95, I-195 and the New Jersey Turnpike and was fully occupied at the time of the most recent sale.

Exeter is a global real estate company based in Conshohocken and owns industrial and office properties.
The Endurance-Thackeray partnership has recently been selling off some of its other holdings. Earlier this year it parted ways with a nearly 300,000-square-foot warehouse in South Jersey for $32.2 million, more than three times what the venture paid for the property in 2017.

Black Creek Group, a Denver real estate firm that has been growing its Philadelphia-area footprint, was the buyer of that 292,466-square-foot building at 2000 Bishops Gate Blvd. in Mount Laurel.

Late last year, Endurance-Thackeray sold a five-building industrial portfolio in King of Prussia totaling 292,110 square feet at 201 and 221 King Manor Dr. and 741, 780 and 820 Third Ave. for $32 million. The buyer was again Black Creek, according to property records. When Endurance bought that portfolio, it was 72% occupied. It made a series of upgrades, and the portfolio was 95% leased at the time of sale.

*Article courtesy of Philadelphia Business Journal

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