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Wharton acquires 280,000 s/f of NJ industrial assets
Wharton Industrial, a platform of real estate investment firm Wharton Equity Partners, has acquired six industrial properties in Southern New Jersey. The purchase prices were not disclosed.
The acquisitions include a three-building, 153,400-square-foot portfolio located in Pennsauken, N.J. which Wharton Industrial acquired with Walton Street Capital. The portfolio is located within Wharton Industrial’s Twinbridge Industrial Park, a 1.1 million-square foot, 32-building warehouse complex which it acquired last year with Walton Street. The 100 percent occupied park is located just off Route 73, a short drive from I-295 and the New Jersey Turnpike. Tom Palumbo and Bill Sitar of Sitar Realty served as brokers for the sale.
The remaining properties acquired by Wharton Industrial is an approximately 130,000 square foot, 3-building portfolio located in the Cherry Hill, N.J. submarket, which the firm acquired off-market from a long-term owner. As with the Pennsauken portfolio, Wharton Industrial will be instituting a comprehensive capital improvement program including replacing certain roofs, upgrading landscaping, repairing and painting exteriors, improving truck loading stations and paying.
“Southern New Jersey and the rest of Greater Philadelphia is home to one of the hottest and most promising industrial markets in the country, and these new acquisitions are a testament to our confidence in its continued growth potential,” said Peter C. Lewis, Founder & Chairman of Wharton Equity Partners.
“As the largest industrial landlord in Pennsauken, we’ve witnessed the enduring appeal of this market first-hand, and the assets we have acquired in the Cherry Hill area represent a perfect fit with our strategy of acquiring first-class buildings in densely populated markets.”
Among its other activities, Wharton Industrial is also the developer behind the 283,500-square foot SoPhi Logistics Center in South Philadelphia — a formerly defunct railcar facility which Wharton transformed into a first-class last-mile delivery facility. The building was leased to Amazon in its entirety before being sold for $71.5 million in late 2020.
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