Wharton acquires industrial portfolio of 7 PA properties
Wharton Industrial, a platform of real estate investment firm Wharton Equity Partners, announced it has acquired a portfolio of seven industrial properties in the greater Philadelphia area, totaling more than 450,000 s / f.
The properties are 2955 State Rd, Croydon, PA; 18 and 19 Creek Parkway, Boothwyn, Pennsylvania; 71 Vanguard, Reading, Pennsylvania; 5 E Stow Rd, Marlton, NJ; 1537 Glen Avenue, Moorestown, NJ (top photo); 9256-60 Commerce Hwy, Pennsauken, NJ.
Wharton declined to identify the seller or disclose details of the sale price.
Scott Guo, Acquisitions Manager for Wharton Industrial, commented: “As Pennsauken’s largest industrial owner and incumbent in the Philadelphia industrial market, these properties present excellent opportunities in line with our property acquisition strategy. well located with enormous potential to serve densely populated markets.
The properties are located along major transit corridors connecting the city of Philadelphia to the markets of southern New Jersey and central Pennsylvania, providing an attractive opportunity for tenants wishing to access supply chains and networks. distribution spanning from the New York Metropolitan Area to the Greater Philadelphia Area.
Wharton has established itself as a major player in the Greater Philadelphia industrial market in recent years, acquiring and developing projects such as the SoPhi Logistics Center, a former railcar facility that Wharton turned into a late-breaking delivery facility. first class kilometer. The building was leased to Amazon in its entirety before being sold for $ 71.5 million in late 2020.
The company also owns over 1.5 million square feet of industrial space in Pennsauken, NJ, as well as other properties near Cherry Hill, NJ.
“The relative rent and population density offered by Philadelphia make it an ideal choice for industrial property development and investment,” adds Nick Aileo, partner at Wharton who led the acquisition effort.
“The demand for space within large distribution and logistics centers only continues to grow as the economy increasingly relies on e-commerce and last mile delivery, and this region is ready. to remain at the center of a rapidly changing industrial market. “
The acquisition of the latest properties follows the recent purchase by Wharton Industrial of a 279,256 s / f industrial facility in East Windsor, Connecticut in October 2021, bringing the total number of industrial property closures for Wharton Industrial over the past few years. last two months at almost 750,000 s / f. Additionally, in the Philadelphia area, Wharton is finalizing the purchase of several other buildings before year-end, in addition to qualifying for land for a speculative last mile distribution facility.
Wharton Industrial’s other past interests and developments include a 988,000 s / f warehouse in Atlanta (leased to Philips Van Heusen); a 510,000 s / f industrial facility in Lakeland, Florida; a 617,000 s / f warehouse in Ocala, Florida (leased from Amazon); and a 600,000 s / f industrial development of two buildings in Greenville, South Carolina. All of these properties have been sold in the past 12 months, generating gross sales proceeds of approximately $ 250 million and a gross weighted average IRR of over 44%.
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