Deal Timeline: January 2005 to March 2006
Partner Equity Invested: $1,775,000
IRR: 45%
Multiple on Equity: 1.5 - (additional unrealized value remains as the partnership subdivided and retained a 7 acre parcel)

In January 2005, Endurance acquired 52 Locke Avenue for $3,700,000, the former northeastern distribution facility for Del Monte Foods. The building included 206,450 SF of high bay warehouse space was rail-serviced, and located just 18 miles south of Philadelphia, in Woolwich Township, NJ (part of the larger Southern New Jersey industrial market). The building sat on 19 acres and had the potential for building expansion and additional parking; features which were instrumental in attracting a user to the building. As one of only a few companies to bid on this building in an off-market transaction and as the logical buyer as we owned the adjacent property, we were able to acquire the property at a very attractive basis.

Upon closing, Endurance successfully re-positioned the asset to be marketed as a multi-tenant facility. Ultimately, in the short course of a year, a user came along with an offer to purchase the building at a price of $6,425,000. Additional unrealized value remains in 7 acres that were retained as a part of that sale through a sub-division approval we obtained. Plans are currently being evaluated as to the development potential of this site.

Deal Timeline: December 2004 to July 2006
Partner Equity Invested: $4,150,000
IRR: 60%
Multiple on Equity: 2.0

In December 2004, Endurance acquired the Colwick Business Center, three Class A, single-story office buildings in Cherry Hill, New Jersey, a sub-market of the Philadelphia MSA. The properties were purchased in an off-market deal for $15,300,000.

Built in 1987, the three buildings total 169,438 rentable square feet. At the time of purchase, the property was 86% occupied with approximately 50% of the rent roll turning over in the first year of our ownership. Endurance successfully stabilized the property by renewing the two largest tenant’s ACE Insurance 51,459 SF and the Internal Revenue Service 24,179 SF to five and three year leases respectively and executing a new lease with a day care center operator for the complex. Deferred maintenance issues throughout the property, and capital improvements projects to the parking lots and roofs were addressed by our property management team in a timely and efficient manner substantially increasing the overall curb appeal of the asset. These actions contributed directly to the successful renewal of the two anchor tenants referenced above.

In June 2006, Endurance sold the Colwick Business center through a full marketing effort for a sales price of $22,350,000 realizing a 60% IRR for our investors and 2.0 multiple on their equity.

Deal Timeline: April 2003 to April 2007
Partner Equity Invested: $2,750,000
IRR: 27.11%
Multiple on Equity: 2.23

In April 2003, Endurance acquired the Penn Warner Industrial portfolio consisting of four single-story industrial buildings in Fairless Hills, Pennsylvania, in the Bucks County industrial market.  The properties were purchased for $9,000,000.

Built between 1968 and 1970, the four buildings total 240,000 rentable square feet. At the time of purchase, the properties were 100% occupied with approximately 42% of the rent roll turning over in the first two years of our ownership. Endurance successfully stabilized the property by signing a six year lease with Hydrofarm, for 30,000 square feet; renewing/expanding Smart Management from their original 60,000 square feet into an additional 60,000 square feet, for five years; and renewing Heritage for 20,000 square feet, for three years. Deferred maintenance issues throughout the property were addressed by our property management team in a timely and efficient manner substantially increasing the overall curb appeal of the asset.  Our efforts resulted in a new lease with Hydrofarm and the renewal/expansion of Smart Management as mentioned above.

In April 2007, Endurance sold the Penn Warner portfolio through a full marketing effort for a sales price of $12,400,000 realizing a 27.11% IRR for our investors and  2.23 multiple on their equity.

Deal Timeline: July 2003 to June 2008
Partner Equity Invested: $ 860,000
IRR: 25.27 %
Multiple on Equity: 2.49
For its second transaction, Endurance partnered with private investors in July 2003 to acquire a single story, 85,602 SF class B industrial building, 510 Station Ave, through an off-market deal. Well located within the Bucks County industrial market and more specifically within Bensalem, Pennsylvania, the deal provided Endurance’s investors with an attractive basis from the start combined with an industrial investment property well below replacement cost.

100% leased to a single tenant, Spirit Delivery, the building had good functionality in its layout and loading, suiting Spirit’s needs well. With the single tenant’s lease expiring in a couple years, Endurance saw an opportunity to add value through its hands-on marketing, leasing and management, which they did.

After two years Spirit extended their lease term and in-turn increased the appeal of the asset within the marketplace. Professional property management throughout Endurance’s ownership period had increased the value of the property to its user, who eventually bid more than the market when the time came.

As with all of its investments, Endurance regularly evaluated the merits of holding versus selling, focusing on the goals of its partners. In June 2008 Endurance sold the property after a full marketing effort for a sales price of $4,050,000, realizing a 25.27 % IRR for investors and a 2.49 multiple on their equity.

Deal Timeline: June 2004 to March, 2008
Partner Equity Invested: 3rd and Church Streets was initially part of the 52 Locke Avenue – Del Monte investment. The properties got segregated due to environmental issues at this location, but Endurance remained under contract to purchase this property once the issues were resolved.
IRR: Not applicable – the contract on this location was separated and sold to two different buyers for four times our contract price.
Multiple on Equity: Not applicable as we invested no equity. Endurance sold the contract for four times the contracted purchase price.

In June 2004, Endurance entered into a contract for a 10.19 acre site in conjunction with its purchase of 52 Locke Avenue, the former northeastern distribution facility for Del Monte Foods. The 10.19 acre site, located approximately 0.25 miles from 52 Locke Avenue, was comprised of 6 acres of raw land and a 67,000 square foot warehouse building built in the 1930’s on 4.19 acres of land. During the due diligence phase, Endurance found environmental problems with the property. While the seller performed the environmental mitigation, Endurance located two buyers to “flip” the contract to. Value was added by marketing the property as two separate parcels and locating the best user for each separate parcel. Ultimately, the 6 acres of raw land was purchased by a residential developer while the 4.19 acres was purchased by a local office furniture company.
Occupancy Prior to Acquisition: 0% occupied.
Occupancy at sale: 100% to the user purchaser
Building Square Footage: approximately 67,000 SF