Wharton Industrial recently purchased a three-building, 128,561-square-foot light industrial portfolio spanning 65-67 and 77 Old Kings Hwy. in Maple Shade and 2091 Springdale Road in Cherry Hill — Courtesy: JLL
By Joshua Burd
An investor has secured a nearly $9 million acquisition loan for a three-building light industrial portfolio in Burlington and Camden counties, according to brokers with JLL.
In a news release, the debt placement team said it represented Wharton Industrial in sourcing the financing for the buildings, which include 65-67 and 77 Old Kings Hwy. in Maple Shade and 2091 Springdale Road in Cherry Hill. Metropolitan Commercial Bank is providing the five-year, $8.75 million loan for the 128,561-square-foot portfolio.
“Our previous experience investing in assets across southern New Jersey and outside of Philadelphia has afforded us many opportunities to capitalize on the large metropolitan populations close to this area, and has also generated considerable returns for our investors,” said Peter Lewis, founder and chairman of Wharton Industrial, a platform of Wharton Equity Partners. “This region is still a burgeoning hub of last-mile and next-day delivery fulfillment activity, and we look forward to continuing our strategy of acquiring and redeveloping prime industrial developments to attract both e-commerce users and potential buyers.”
JLL senior managing directors Michael Klein and Steven Klein, Director Michael Pagniucci and Associate Ryan Carroll led the team on the assignment. In announcing the deal, they noted that the properties were built in 1975 and 1980 and are 96 percent leased, with tenants including Fiserv in Cherry Hill and Habitat for Humanity in Maple Shade.
The buildings, which have been upgraded throughout the years, feature clear ceiling heights ranging from 18 to 22 feet, 26 loading docks, two drive-in doors and ample parking, the news release said. The brokerage team also cited their proximity to Interstate 295 and the New Jersey Turnpike, which allows users to access to the entire Philadelphia metro area along with the residents in New Jersey, Maryland and New York.
“JLL is pleased to have secured acquisition financing for these value-add properties as Wharton aggressively builds on its strategy to assemble a portfolio of warehouse/distribution and industrial flex buildings in core locations throughout New Jersey, Pennsylvania and New York,” Michael Klein said.
