CBRE today announced that it has arranged the sale of the King of Prussia Industrial Portfolio on behalf of the seller,an affiliate of Endurance Real Estate Group, LLC and Thackeray Partners.The portfolio is a five building, 292,110 sq. ft. industrial/flex portfolio located in King of Prussia, Pennsylvania. Brad Ruppel, Michael Hines, Brian Fiumara and Lauren Dawicki of CBRE National Partners negotiated on behalf of the seller.
The buildings were constructed in the 1960’s and 1970’s and feature Class B warehouse/distribution specifications including 22’ average clear ceiling heights, wet sprinkler systems and ample loading capacity with full dock packages. The portfolio is situated in the Montgomery County submarket of the Philadelphia MSA industrial market, offering users immediate proximity to I-276 and close proximity to I-76 and I-476. The portfolio was 95 percent leased at closing.
“Endurance and Thackeray demonstrated exceptional vision in their repositioning of these infill light industrial assets, immediately injecting capital to enhance functionality, minimize near-term maintenance and attract national tenancy,” stated Ruppel, Senior Vice President, CBRE. “A core investment layer was secured by a rent roll of loyal, entrenched credit tenancy. Investors were attracted to the combination of that projectable income, with ability to further enhance yield by capitalizing on mounting user demand driven by extreme barriers-to-entry in the King of Prussia submarket.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
