Route 61 Distribution Center. Image courtesy of Endurance Real Estate Group
Endurance Real Estate Group has landed a new tenant at Route 61 Distribution Center in Reading, Pa. Can Corp. of America Inc., a steel can manufacturer and supplier, signed a 114,550-square-foot lease.
Executive Vice President Paul Touhey, Senior Vice President Sean Bleiler and Associate Abraham Kromah with CBRE represented the landlord in the transaction.
Endurance acquired the 392,030-square-foot property in February 2022, in partnership with ASB Real Estate Investments, in a $77.6 million portfolio transaction.
Completed in 1965, the property features 20- to 32-foot clear heights, five drive-in doors, 60 dock-doors, 100 trailer parking spaces, 240 car parking spots and an office area that encompasses 6.9 percent of the total square feet. The building is fully occupied—Landis Logistics, Pratt Industries and Reitnouer Enterprises are among the tenants at the property.
The distribution center is at 184 Tuckerton Road in the Lehigh Valley submarket, roughly 32 miles from Allentown and 64 miles from Philadelphia, providing access to Route 61 and U.S. Route 222. Companies in the surrounding area include UPS, Crossroads Beverage Group and Berks Can, among others.
The Pennsylvania-based company, formed in 2002, has since acquired and developed more than $1.3 billion of assets totaling 20.6 million square feet. Endurance currently owns and operates a portfolio of 54 buildings, encompassing more than 5.3 million square feet, and has approximately 2.3 million square feet in development stages.
Last year, the company completed Middletown Logistics Center, a 251,200-square-foot industrial facility in Middletown, Pa. The property was leased to IPEX USA.
By the end of 2022, Endurance, in a joint venture with Guardian Life Insurance Co. broke ground on Chambersburg Logistics Park, a 1 million-square-foot industrial project. Completion is expected in the fourth quarter of 2023.
As of January, Philadelphia’s in-place rents recorded a 6.9 percent growth over the last 12 months, on par with the national rate, a CommercialEdge report shows. The market’s vacancy stood at 4.1 percent, just 10 basis points above the national rate.
