Wharton acquires 280,000 manufacturing plants in New Jersey

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Wharton Industrial, a platform for investment firm Wharton Equity Partners, has acquired six industrial properties in Southern New Jersey. The purchase price was not disclosed.

The acquisitions include a portfolio of 153,400 square feet of three buildings located in Pennsauken, New Jersey, which Wharton Industrial acquired in conjunction with Walton Street Capital. The portfolio is located at Twinbridge Wharton Industrial, a 1.1 million square foot warehouse complex of 32 buildings that it acquired last year with Walton Street. The 100 percent occupied park is located just off Highway 73, a short drive from I-295 and the New Jersey Highway. Tom Palumbo and Bill Sitar of Sitar Realty acted as brokers for the sale.

The remaining properties acquired by Wharton Industrial are a portfolio of approximately 130,000 square feet of three buildings located in the Cherry Hill, New Jersey submarket, which the firm acquired off-market from a permanent owner. As with the Pennsauken portfolio, Wharton Industrial will be implementing a comprehensive overhaul program, including some roof replacements, landscaping improvements, facade refurbishment and painting, improved truck loading stations and payment.

“Southern New Jersey and the rest of Greater Philadelphia are home to one of the hottest and most promising industrial markets in the nation, and these new acquisitions are a testament to our confidence in its continued growth potential,” said Peter S. Lewis, founder. And Chairman of Wharton Equity Partners.

“As the largest industrial landlord in Pennsauken, we have seen firsthand the enduring appeal of this market, and the assets we have acquired in the Cherry Hill area are perfect for our strategy of acquiring premium buildings in densely populated areas. markets “.

Among other things, Wharton Industrial is the developer of the 283,500 square foot SoPhi logistics center in South Philadelphia, a former railroad car complex that Wharton has transformed into a first-class last-mile delivery center. The building was fully leased to Amazon and sold for $ 71.5 million at the end of 2020.

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