Endurance Acquires 350 Old Silver Spring Road In Mechanicsburg, Pennsylvania

Affiliates of Endurance Real Estate Group, and Long Wharf Capital are pleased to announce the acquisition of a 264,120-square-foot multi-tenanted industrial building on 19.9 acres in Mechanicsburg, Pennsylvania. The JLL team, comprising John Plower, Ryan Cottone, and Zach Maguire represented the seller, a leading industrial REIT.

“We are thrilled to announce the acquisition of an infill Central PA asset and look forward to executing our business plan for this property. This is a submarket we have been very active in over the last 20 years and are confident in our ability to drive out-sized returns. We were able to acquire this asset at a significant discount to replacement cost. The asset’s exceptional access and proximity to a robust labor pool make it an excellent addition to our portfolio,” said Benjamin Cohen, President of Endurance.

The property is fully leased to four tenants ranging from large multi-national corporations to regional service-oriented companies. Current rents at the building are approximately 30% below market, which should create additional value from the near-term lease roll.

Jared Newman, Senior Vice President and Partner at Endurance, stated, “This acquisition marks our first joint venture with Long Wharf, a respected leader in private real estate investment. Our partnership with Long Wharf is in line with our commitment to deliver value-oriented investment strategies aimed at generating above-average, risk-adjusted returns. This alliance leverages our combined expertise, resources, and market insights, establishing a robust foundation for future endeavors and reinforcing our presence in the region.”

350 Old Silver Spring was originally constructed in 1968 and expanded to 264,120 SF in 1997. The property features clear heights ranging from 17’ to 28’ and 38 loading positions, providing superior loading ratios than most comparable properties. This prime location provides easy access to exceptional highway infrastructure that places six of the top 10 U.S. MSAs and 60% of the Canadian population within a one-day truck drive. The property is less than 20 miles from eleven different FedEx and UPS facilities and two Norfolk Southern intermodal yards.

About Endurance Real Estate Group

Endurance Real Estate Group, LLC (www.endurance-re.com), formed in 2002, is a Radnor, Pennsylvania-based real estate owner/developer focused on income and value add industrial opportunities located in the Mid-Atlantic region. Since its formation, the company has acquired $1.4 billion of assets totaling 21 million SF and sold 12.1 million SF with a combined value of $1 billion. Endurance currently owns and operates a portfolio totaling over 6.6 million square feet. Endurance is currently developing over 1.2 million square feet of distribution buildings in several projects in varying building sizes from 234,880 SF up to 1,006,500 SF as well as entitling several other projects totaling over 1 million square feet.

About Long Wharf Capital

Long Wharf Capital LLC is a Boston-based private equity real estate manager focused exclusively on value-added investments in the U.S.  Formed in 2011, the firm invests on behalf of institutional clients including pension funds, endowments, foundations, and family offices. Long Wharf’s investment approach utilizes multiple value creation strategies to target opportunities across property sectors and U.S. markets.  Since Long Wharf’s first fund in 2012, the team has invested over $1.3 billion of equity in more than 75 investments across the U.S. with an aggregated gross cost of $4.0 billion. For further information, visit: www.longwharf.com.

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.