In one of the largest industrial deals in New Jersey, Twinbridge Industrial Park, a 1.3 million-square-foot industrial portfolio in Pennsauken, traded for $194.5 million, according to a joint venture announcement from Wharton Industrial and Walton Street Capital.
An affiliate of New York-based DRA Advisors bought the 37-building portfolio. The average building is 35,000 square feet.
Wharton and Walton Street listed the property for sale in the first quarter of this year, despite high interest rates and fears of recession.
“Although there was risk in pursuing a sale in this climate, we believed that the quality of the properties, the growing interest in small bay industrial and the fact that there would be limited competing properties on the market would outweigh any headwinds,” Peter Lewis, founder and chairman of Wharton Industrial, said.
“We are obviously very pleased with the outcome. We would not only like to thank our long-term partner, Walton Street, but also the CBRE team of Brad Ruppel, Mike Hines and Liam Fahey, as well as Marc Isdaner and Ian Richman from Colliers, who collectively provided us with superior representation on the sale.”