18 Creek Parkway in Boothwyn, Pennsylvania — Courtesy: Wharton Industrial
By Joshua Burd
An investment firm has expanded its portfolio by more than 450,000 square feet with the addition of seven industrial properties in southern New Jersey and eastern Pennsylvania.
Wharton Industrial, a platform of Wharton Equity Partners, said the new acquisitions include 5 East Stow Road in Marlton, 1537 Glen Ave. in Moorestown and 9256-60 Commerce Highway in Pennsauken. The Pennsylvania properties include 2955 State Road in Croydon, 18 and 19 Creek Parkway in Boothwyn and 71 Vanguard in Reading.
“These acquisitions demonstrate our belief in the continued promise of the Greater Philadelphia market as hotspots of industrial value with nearly unprecedented growth potential,” said Scott Guo, head of acquisitions for Wharton Industrial. “As the largest industrial landlord in Pennsauken and a historic operator in the Philadelphia industrial market, these properties presented excellent opportunities in line with our strategy of acquiring well-situated buildings holding enormous potential to service densely populated markets.”
In a news release, Wharton noted that the properties are located along key transit corridors connecting Philadelphia to both the South Jersey and Central Pennsylvania markets, providing an attractive opportunity for tenants that are interested in serving the area stretching to New York City and northern New Jersey. The deals are the firm’s latest in the region, following other acquisitions and development projects such as SoPhi Logistics Center, a formerly defunct railcar facility that it modernized and leased to Amazon before selling it for $71.5 million late last year.
The firm also owns more than 1.5 million square feet of industrial space in Pennsauken and other properties in nearby Cherry Hill.
“The relative rent and population density offered by Philadelphia makes it an ideal choice for development and investment of industrial properties,” said Nick Aileo, an associate at Wharton, who spearheaded the acquisitions effort. “Demand for space within important distribution and logistics hubs is only continuing to grow as the economy becomes increasingly reliant on e-commerce and last-mile delivery, and this region is poised to remain at the center of the fast-evolving industrial market.”
Wharton added that, by year-end, it expects to finalize the purchase of several more buildings in the Philadelphia region and to entitle a land site for a speculative last-mile distribution facility.