CenterSquare Value-Added Fund IV and its joint venture partner, affiliates of Endurance Real Estate Group, have sold 209 Commerce Center. The financial terms were not disclosed.
In March 2019, CenterSquare Value-Added Fund IV and its joint venture partner, affiliates of Endurance Real Estate Group, acquired 209 Commerce Center, a “shovel-ready,” infill, last-mile industrial development site within the Philadelphia market.
The joint venture business plan called for the construction of a highly functional, 177,000-square-foot, class A warehouse building with all modern specifications, including 32-foot clear heights, LED lights and an ESFR sprinkler system. CenterSquare and its partner completed construction in February 2020 and quickly executed a 16-year, full-building lease in October 2020. The lease was signed at terms that exceeded original underwriting economics with a manufacturer of personal care products, whose main facility was in close proximity to the prop
