PENNSAUKEN, NJ – Wharton Equity Partners’ platform, Wharton Industrial has acquired six industrial properties, totaling 280,000 square feet in Southern New Jersey.
The industrial developer and investor’s purchases encompass two industrial portfolios; a three-building, 153,400-square-foot portfolio in Pennsauken, NJ and a three-building, 130,000-square-foot portfolio in Cherry Hill, NJ.
The firm acquired the Pennsauken portfolio in a joint-venture transaction with Walton Street Capital. The acquisition adds onto the joint-venture partnership’s 32-building, 1.1-million-square-foot Twinbridge Industrial Park, located off of Rte. 73.
Sitar Realty’s Tom Palumbo and Bill Sitar served as the brokers for the Pennsauken portfolio sale.
Wharton Industrial acquired the Cherry Hill, NJ portfolio in an off-market transaction from a long-term owner.
Wharton Industrial will implement a comprehensive capital improvement program within both portfolios. The improvements will include roof replacements, landscaping upgrades, exterior painting and repairs, and improvements to truck loading stations.
“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,” states Peter C. Lewis, founder and chairman of Wharton Equity Partners.
Lewis adds, “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.”