1930 Olney Ave. in Cherry Hill — Courtesy: Vantage Commercial
(Editor’s note: This story was updated Monday, Nov. 25, with additional information and quotes from Vantage Commercial, which brokered the sale of 1930 Olney Ave.)
By Joshua Burd
Wharton Industrial has acquired a nearly 43,000-square-foot facility in Cherry Hill that it now plans to update and reintroduce as a modernized warehouse space.
The firm, a platform of Wharton Equity Partners, paid an undisclosed price in the sale-leaseback transaction at 1930 Olney Ave. MRS BPO, an affiliate of the seller, will remain at the property on a short-term basis, continuing to use it as a call center and office space until vacating it next year, when Wharton will complete a full renovation to return it to warehouse and distribution space.
The 42,571-square-foot building with 17-foot clear ceiling heights is the latest addition to the firm’s holdings in Cherry Hill. Sean Kelly of KBC Advisors represented Wharton Industrial in the deal, while Leor Hemo and Emily Stein of Vantage Commercial represented the seller.
“As the capital markets environment continues to show signs of improvement, we remain actively in pursuit of well-located industrial opportunities in southern New Jersey and greater Philadelphia,” said Nick Aileo, director of acquisitions at Wharton Industrial. “1930 Olney is representative of an ideal value-add investment for Wharton, allowing us to reposition a building that has been unavailable for 16 years and deliver high-quality warehouse space in a size that matches where we see strong tenant demand.”
According to a news release, Wharton’s upgrades will include activating loading dock punchouts in the rear of the property, creating a truck court, interior demolition work, new LED lighting, warehouse white-boxing, exterior painting and other cosmetic improvements. The plan will follow the firm’s past repositioning projects in the region, which include the gut renovation of a 283,000-square-foot former subway repair facility in Philadelphia to create a last-mile warehouse that would attract Amazon as a tenant.
In addition, Wharton repositioned a 200,000-square-foot warehouse in Croydon, Pennsylvania, that it later leased to a third-party logistics firm. All told, the platform has been involved in more than 9 million square feet of industrial acquisitions and development since its launch in late 2017, including the 2023 sale of the 37-building, 1.3 million-square-foot Twinbridge Industrial Park in Pennsauken.
Vantage Commercial’s Hemo, meantime, said the deal underscores the continued strong demand for industrial real estate in Cherry Hill, citing the property’s access to key transportation routes and nearby amenities.
“This transaction highlights the vibrancy of Cherry Hill’s commercial real estate market,” said Hemo, the firm’s CEO and president. “We are thrilled to have facilitated the sale of this unique industrial asset. The process was seamless and collaborative, thanks to the professionalism of all parties involved. We’re proud to have delivered a successful outcome for our client while collaborating with a buyer dedicated to optimizing the property’s industrial potential.”
Wharton-led venture sells 1.3 million sq. ft. Pennsauken industrial portfolio for $195 million