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Industrial property slated for Souderton.

Byline: Brian Pedersen

An affiliate of Endurance Real Estate Group, based in Radnor, and Center Square Investment Management of Plymouth Meeting, said it acquired 205 Schoolhouse Road in Souderton from Franconia Technology Associates.

The 16.4-acre site includes a vacant one-story office building.

The spec project, 205 Commerce Center, is a 176,700-square-foot building, said Albert Corr, senior vice president of Endurance.

Construction should begin within the next 45-60 days, with delivery in the first quarter of 2020, he said.

The site is near the Lansdale interchange of the Pennsylvania Turnpike and Corr sees the property as one that could serve both Lehigh Valley and Philly area tenants.

Vacancy rates in the Philadelphia metro industrial market reached an all-time low of 4.8 percent in the first quarter of 2019, according to Corr.

"The suburban greater Philadelphia market is very tight," Corr said.

The Lehigh Valley is also a very tight market, he added.

"That's sort of ground zero for where the tenants want to be," Corr said. "So I think they will start to broaden their search. We are seeing that site as trying to serve two different markets. We are hoping to cater to those tenants."

Endurance Real Estate has projects in Berks County as well as in and around the Philly area.

So far, the inquiries he's been getting are from existing tenants in the area potentially seeking a new or additional location, or tenants from the Lehigh Valley who are broadening their search.

Corr said they have selected a general contractor and architect but the agreements are not final yet.

He declined to disclose an estimated construction cost.

Cushman & Wakefield is the leasing agent for the project.View the full article from Lehigh Valley Business at Copyright 2019 BridgeTower Media. All Rights Reserved.

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Publication:Lehigh Valley Business
Geographic Code:1U2PA
Date:May 10, 2019
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