CBRE Announces Sale of Penn Logistics Portfolio in Fairless Hills, PA

23 Jul 2020

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CBRE announced today that an affiliate of Endurance Real Estate Group, LLC (“Endurance”) and Thackeray Partners (“Thackeray”) 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 properties are 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 Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.