Adds to its Growing Collection of Last Mile Assets
Wharton Industrial, a platform of real estate investment firm Wharton Equity Partners, along with an institutional partner, announced today that it has acquired 2 more warehouses, one in Pennsauken, NJ and the other in Birdsboro, PA. The purchase prices of the properties were not disclosed.
The first property, a 189,498 square feet warehouse located at 9130 Griffith Morgan Lane in Pennsauken, was built in 1980 and most recently renovated in 2020, during which time the current tenant installed a new roof, solar panels, and air conditioning to climate control the entire warehouse. It is equipped with 18 loading positions and 1 drive in door but has knock out panels to cost-effectively add up to an additional 10 loading doors which is planned as part of the future capital improvement program. Ceiling heights are 24 feet.
The 100% occupied building is located just off Route 73, offers easy access to nearby Philadelphia via the Betsy Ross Bridge, Walt Whitman Bridge and Ben Franklin Bridge, and sits just a short drive from I-295 and the New Jersey Turnpike. Marc Isdaner and Ian Richman of Colliers International served as brokers for the sale.
The building is within minutes of Wharton Industrial’s Twinbridge Industrial Park, a 1.3 million-square foot, 35-building warehouse complex also in Pennsauken, which it acquired two years ago with Walton Street Capital.
The second property, a 135,900 square foot facility at 5 East Pointe Drive, Birdsboro, PA, is also 100% occupied and was acquired from the user in a sale leaseback transaction. The property was constructed in 2005 and has over 50 trailer spaces and 300 car parking spaces, which are highly valued in the market, 2 loading docks ,16 drive in doors, LED lighting and abundant power. Upon the end of the leaseback period in two years, Wharton will undertake an extensive renovation program to enhance site circulation, increase loading positions, and upgrade the warehouse interior for marketing towards the highly active logistics and manufacturing userbase of suburban Philadelphia and central Pennsylvania.
Birdsboro sits at the confluence of the major highways of I-176 and US-422, about 30 miles to the Lehigh Valley, 50 miles from Center City Philadelphia, and 60 miles from Harrisburg. Nick Adams and Harry McKenna of Jackson Cross Partners were the brokers for the transaction.
“We are delighted to have added these properties to our stable of infill warehouses we continue to assemble in southern New Jersey and central Pennsylvania,” notes Peter C. Lewis, Chairman of Wharton Industrial. “While we are surely cognizant of the current macroeconomic environment, we maintain our strong, long-term belief in this region and are unwavering in our appetite to acquire great properties, irrespective of temporary market conditions,” he adds.
About Wharton Industrial
Wharton Industrial, a platform company of real estate investment firm Wharton Equity Partners, is a leading investor and developer of industrial real estate, with a robust pipeline of properties across the Eastern Seaboard, Florida and the southeast. Steered by the company’s forward-thinking leadership team, Wharton has been extremely active in the industrial sector since 2017 acquiring last-mile distribution facilities in proximity to major urban markets as well as developing big box and light manufacturing development projects in the southeast and southwest. Wharton Industrial has completed and has in its pipeline over $1 billion of industrial transactions. Wharton Equity Partners, founded in 1987, is an innovative real estate investment firm with extensive experience acquiring, developing, and operating a wide range of real estate asset classes since its inception. The firm also has a venture capital arm, Wharton Equity Ventures, that is an active investor in growth companies targeting multi-billion markets.