Twinbridge Industrial Park and Veterans Industrial Park in Pennsauken — Courtesy: Colliers International
By Joshua Burd
The original developer of two large industrial parks in Camden County has sold the 32-building, 1.2 million-square-foot portfolio, in a newly completed transaction by Colliers International.
The real estate services firm on Monday announced the sale of the Twinbridge Industrial Park and Veterans Industrial Park, both in Pennsauken. The Bloom Organization sold the complexes, which are just off routes 70 and 130, to a joint venture of Wharton Industrial and an investment fund affiliated with Walton Street Capital LLC.
Colliers’ Ian Richman and Marc Isdaner brokered the sale. Terms were not disclosed.
“We are extremely excited to be acquiring this special portfolio which has a heritage of excellence cultivated by the Bloom Organization over the years,” said Peter C. Lewis, president of Wharton Industrial. “We are fully committed to following in their footsteps by providing a superior product and level of service.”
The buildings, which total nearly 1.165 million square feet, are 100 percent leased to 49 tenants, Colliers said. The brokerage team touted the deal as a rare opportunity to acquire well-located, infill properties in bulk in a high-demand submarket.
The portfolio’s new owner will unify the complexes under the Twinbridge name and will embark on upgrades to their common areas, including new signage and enhanced landscaping. The new ownership has retained Colliers to lease and manage the properties.
In a news release, the firm said The Bloom Organization developed Twinbridge throughout the 1980s and completed the park in the early 1990s. The a mix of single-tenant and multitenant structures account for every building on Twinbridge Drive, as well as several buildings on Remington Avenue.
Veterans Industrial Park, also developed by Bloom, includes 12 buildings on Thomas Busch Highway, Hylton Road and National Highway Colliers said. As part of a unification of the properties, Veterans Industrial Park will be renamed Twinbridge West.
The portfolio includes tenants such as Nestle Waters, Lennox Industries, Cooper Electric Supply, SodaStream, Sprint, Kone and Enterprise Rent-a-Car.