CBRE announced today that  an affiliate of Endurance Real Estate Group, LLC and Thackeray Partners has sold Penn Logistics, a four building, 240,358 sq. ft., industrial portfolio located in Fairless Hills, Pennsylvania for $18.0 million. The CBRE team of Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki brokered the sale on behalf of the seller and procured the buyer.

The buildings were constructed between 1968 and 1970. They feature 24’ clear ceiling heights, ample loading capacity with full dock packages for the 42 dock positions. The propertiesare strategically located along US Routes 1 and 13 with close proximity to I-295 and I-95, the principal North/South highways in eastern Pennsylvania and New Jersey. The buildings were 100% leased to four tenants at closing.

“Penn Logistics at Bucks is a veritable case study on the ability of efficient warehouse design and specifications to endure generations of shifting user demand,” stated Brad Ruppel, Senior Vice President, CBRE. “These four buildings continue to appeal to institutional owners with a keen eye on the optimal combination of high-throughput functionality, labor proximity and last-mile logistics density.”

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 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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.