An affiliate of Endurance Real Estate Group, LLC (“Endurance”), is pleased to announce the acquisition and start of construction for a 234,880 square foot modern industrial building on a 21-acre plot adjacent to Reading Airport. Truist Bank is providing construction financing for the project. The JLL team, comprising Chad Orcutt, Ryan Ade, and Blaine Fleming, acted as exclusive advisors to Endurance, while JLL’s Jeff Williams represented the seller in the land transaction.
“We are excited to have finalized the land acquisition and begin speculative development,” stated Benjamin Cohen, President of Endurance. “This project perfectly exemplifies our strategy of acquiring and developing sites with exceptional access, proximity to a robust labor pool, and the capacity to offer top-notch design features that appeal to a diverse range of high-caliber users.”
Jared Newman, Senior Vice President and Partner at Endurance, remarked, “This acquisition further solidifies our position as one of the leading institutional owners and developers in Berks County, particularly in the Reading area. It marks our fourth speculative development in the region since 2019, and expands our Reading sub-market portfolio to nearly 2 million square feet.”
Jeff Williams, Managing Director at JLL added, “The JLL team is excited to continue its involvement with the Logistics Center at 183. With few Class A options of this caliber within the Berks County market and tenant demand still going strong, we have no doubt that the Logistics Center at 183 will be an immediate success and an asset to the marketplace.” Endurance will oversee the construction of a 234,880 square-foot warehouse/distribution facility, equipped with state-of-the-art features, including:
- Tilt-wall panel construction
- 36’ clear height
- 60’ deep speed bays, 54‘wide x 43.33’ deep typical column spacing
- High-bay LED lighting with motion sensors
- 60 mil fully-adhered roof membrane
- ESFR sprinkler system
- 37 overhead dock door positions of which 23 will be equipped with 9’ x 10’ doors with mechanical levelers, bumpers, seals, and dock lights
- Two 14’ x 16’ drive-in doors
- 48 trailer stalls and 255 car parking spaces
- 2,000 amp, 3-phase main electric service
Construction is underway, with the building expected to be completed by the third quarter of 2024. The project is located at the intersection of PA Routes 183 & 222, adjacent to Reading Airport. This location offers proximity to major east coast markets, regional seaports, and access to multiple air, rail, and highway systems. Notably, the project is adjacent to the recently delivered FedEx Ground facility. The JLL leasing team of Jeff Williams, Jeff Lockard and Ryan Barros have been named the exclusive listing agents for the project.
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 11.8 million SF with a combined value of $1 billion. Endurance currently owns and operates a portfolio totaling over 5.3 million square feet. Endurance is currently developing over 2.6 million square feet of distribution buildings in several projects in varying building sizes from 60,000 SF up to 1,006,500 as well as entitling several other projects totaling over 1 million square feet.
Aside from Berks 183, Endurance currently owns a 929,250 SF class B portfolio in Reading and three class A warehouse totaling 597,600 SF.
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.