Wharton Industrial recently secured $21.98 million in acquisition financing for a six-building light industrial portfolio that includes 18 and 19 Creek Parkway in Boothwyn, Pennsylvania, and 1537 Glen Ave. in Moorestown, New Jersey. — Courtesy: JLL
By Joshua Burd
The new owner of more than 250,000 square feet of light industrial space in South Jersey and suburban Philadelphia has landed some $22 million in acquisition financing.
According to JLL, which sourced the loan on behalf of Wharton Industrial, the newly purchased properties include 9256-60 Commerce Highway in Pennsauken, 1537 Glen Ave. in Moorestown and 5 East Stow Road in Marlton, along with three Pennsylvania properties at 18 and 19 Creek Parkway in Boothwyn and 71 Vanguard Drive in Reading. Ready Capital is providing the four-year, floating-rate, nonrecourse for the 251,922-square-foot portfolio.
JLL senior managing directors Steven Klein and Michael Klein and Associate Ryan Carroll represented the borrower, a platform of Wharton Equity Partners, in the $21.98 million transaction.
“JLL is pleased to have sourced acquisition financing for this light industrial portfolio and to continue its relationship with Wharton Equity Partners,” Steven Klein said.
In a news release, JLL said the portfolio is anchored by Syscom Tech, one of America’s leading electronic contract manufacturers, and Flowserve Corp., a large supplier of industrial and environmental machinery. The properties were built between 1987 and 2005, featuring ceiling heights ranging from 18 to 22 feet with 46 loading docks and 13 drive-in doors.
“Ready Capital provided a flexible structure that accommodated the purchase of six individual properties from five separate sellers at a leverage and rate that helped maximize the borrower’s returns,” Michael Klein added.
Additionally, the portfolio offers individual units ranging from 21,500 to 75,725 square feet, while providing quick access to New Jersey highways such as interstates 95, 295 and 76 and the New Jersey Turnpike and to Interstate 176 for the Pennsylvania properties.
“We were eager to partner with both Ready Capital and JLL to acquire these prime industrial assets within the Philadelphia metro area,” said Peter C. Lewis, founder and chairman of Wharton Equity Partners. “We have a history of investing in this region, with its close proximity to a large population hub and ideal access to major arteries for (third-party logistics) and distribution providers, and we are confident that this strategic acquisition that will yield significant IRR for our investors.”
