Wharton Industrial, a platform of real estate investment firm Wharton Equity Partners, announced Tuesday that it has acquired six industrial properties in South Jersey, totaling approximately 280,000 square feet.
The properties are located Pennsauken and Cherry Hill. The purchase prices were not disclosed.
In Pennsauken, Wharton Industrial partnered with Walton Street Capital to acquire a three-building, 153,400-square-foot portfolio located within Wharton Industrial’s Twinbridge Industrial Park, a 1.1 million-square-foot, 32-building warehouse complex.
In Cherry Hill, Wharton Industrial acquired an approximately 130,000-square-foot, three-building portfolio off-market from a long-term owner.
Wharton Industrial officials said they will be instituting a comprehensive capital improvement program — including replacing certain roofs, upgrading landscaping, repairing and painting exteriors, improving truck loading stations and paying — at both properties.
Wharton Equity Partners founder and Chairman Peter Lewis said the group was thrilled to be able to add properties in the region.
“Southern New Jersey and the rest of Greater Philadelphia is home to one of the hottest and most promising industrial markets in the country,” he said. “These new acquisitions are a testament to our confidence in its continued growth potential.
“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.”
Among its other activities, Wharton Industrial is also the developer behind the 283,500-square-foot SoPhi Logistics Center in South Philadelphia — a formerly defunct railcar facility that Wharton transformed into a first-class last-mile delivery facility. The building was leased to Amazon in its entirety before being sold for $71.5 million in late 2020.