Two industrial parks in Pennsauken that combine for 32 buildings and more than 1.16 million square feet of space have been sold, according to real estate firm Colliers International.
Twinbridge Industrial Park and Veterans Industrial Park were sold by the Bloom Organization to a joint venture of Wharton Industrial and an affiliate of Walton Street Capital LLC. Colliers was the sole broker on the deal, and was retained by the new ownership to lease and manage the properties.
The parks, immediately off routes 73 and 130, are currently 100% leased to a total of 49 tenants. The Bloom Organization developed both parks.
Twinbridge is a mix of 20 single- and multitenant buildings on Twinbridge Drive and Remington Avenue, while Veterans Industrial Park includes 12 buildings on Thomas Busch Highway, Hylton Road and National Highway. The latter park will be rebranded as “Twinbridge West,” Colliers noted.
“We are extremely excited to be acquiring this special portfolio, which has a heritage of excellence cultivated by the Bloom Organization over the years,” Peter C. Lewis, president of Wharton Industrial, said in a prepared statement. “We are fully committed to following in their footsteps by providing a superior product and level of service.”
Wharton plans a comprehensive upgrade to the properties’ common areas, as well as a website for leasing and maintenance activities.
Financial terms were not disclosed.