The Twinbridge Industrial Park in Pennsauken — Courtesy: Wharton Equity Partners
By Joshua Burd
A real estate investment firm has acquired six industrial properties in Camden County, marking the latest additions to its growing portfolio in southern New Jersey.
According to Wharton Industrial, a platform of Wharton Equity Partners, the assets include a three-building, 153,400-square-foot portfolio located in Pennsauken that the company purchased with Walton Street Capital. The portfolio sits within Wharton Industrial’s Twinbridge Industrial Park, a 1.1 million-square foot, 32-building warehouse complex off Route 73 that the joint venture acquired last year.
Additionally, Wharton Industrial closed on a three-building, 130,000-square-foot portfolio in the Cherry Hill submarket as part of an off-market deal with a long-term owner, according to a news release. As with the Pennsauken portfolio, Wharton Industrial will launch a series of renovations such as roof replacements, upgrading landscaping, repairing and painting exteriors, improving truck loading stations and paying.
“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,” said Peter C. Lewis, founder and chairman of Wharton Equity Partners. “As the largest industrial landlord in Pennsauken, we’ve witnessed the enduring appeal of this market firsthand, 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.”
The firm announced the deals Tuesday as it continues other development and investment activity in the region. It recently detailed upgrades at the Twinbridge Industrial Park, which is fully occupied thanks in part to its proximity to Interstate 295, the New Jersey Turnpike and to the Delaware River crossings to Philadelphia.
Tom Palumbo and Bill Sitar of Sitar Realty brokered for the sale of the newly added, three-building portfolio in the township.