Smart Mgt. Expands to 90,000 SF in Penn Warner Park

FAIRLESS HILLS, PA-Smart Management Group expanded from 60,000 sf to 90,000 sf in Penn Warner Industrial Park for an eight-year term. The aggregate value of the new lease is $2.9 million, according to Benjamin Cohen, president of Bala Cynwyd, PA-based Endurance Real Estate Group LLC, which owns the four-building, 240,000-sf Bucks County property.

In order to make way for Smart’s expansion, New England Retail Express contracted into a 30,000-sf space in Penn Warner. The company was represented in the negotiations by Richard Smith of Wayne, PA-based GVA Smith Mack. Endurance and Smart were both represented in house.

Penn Warner consists of four, 60,000-sf buildings. Each has 24-ft clear ceiling heights, nine tailgates and one drive-in door, and all are rail served. Endurance manages the property, which remains 100% occupied.

Smart is a subsidiary of New Jersey-based CTX Group, which provides warehousing and delivery services to major corporations. Under the new lease, it occupies space in two Penn Warner buildings, those located at 270 and 290 Canal Rd.

Cohen and William White founded Endurance in August 2002. It concentrates its investment and development activities in Philadelphia and the surrounding area and focuses on acquiring office and industrial properties in the $5-million to $60-million range.