Class A distribution facility sells in Middletown, Pennsylvania
Endurance Real Estate Group sells Middletown Logistics Center
PHILADELPHIA, May 21, 2024 – JLL Capital Markets arranged the sale of Middletown Logistics Center, a newly constructed Class A warehouse distribution center in Middletown, Pennsylvania.
JLL marketed the property on behalf of the seller, an affiliate of Endurance Real Estate Group and procured the buyer, a Real Estate fund managed by Ares Management , a leading owner and operator of logistics facilities through its Ares Industrial Management team.
Located at 2070 N Union St., the 251,200 SF building was constructed in 2021-2022 providing 36-foot clear heights, LED lighting, an ESFR sprinkler system along with 42 loading doors, one drive-in door, 33 trailer stalls and 193 parking spaces.
“We set out with a goal to construct a best-in-class asset and were fortunate to secure a long-term lease with a major tenant during construction. The JLL team was instrumental throughout the lease up of the asset as well as the sale process identifying a well-known institutional buyer who executed flawlessly,” stated Albert J. Corr, Senior Vice President/Principal, who oversaw the disposition efforts on behalf of the seller.
Middletown Logistics Center is strategically positioned within the East Shore of Harrisburg, immediately off of Pennsylvania Route 283, which provides coveted access to region’s major interstates. The property is located directly between the UPS East Zone Regional Hub totaling 775,000 square feet and a 121-acre FedEx distribution campus.
The JLL Capital Markets team was led by Senior Managing Director John Plower, Director Ryan Cottone, Associate Zach Maguire and Vice Chairman Jeff Lockard.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2024, Ares Management Corporation's global platform had approximately $428 billion of assets under management with approximately 2,900 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit aresmgmt.com.
About Endurance Real Estate Group
About JLL
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. Endurance currently owns and operates a portfolio totaling 7 million square feet. Endurance is currently developing and entitling over 1 million square feet of distribution buildings in several projects in varying building sizes from 185,000 SF up to 635,000.
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 $20.8 billion and operations in over 80 countries around the world, our more than 108,000 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.