Wharton Industrial, a platform company of Wharton Equity Partners, on Tuesday announced it acquired 1930 Olney Ave. in Cherry Hill in a sale leaseback transaction.
The 42,571-suare-foot property will remain fully occupied by MRS BPO, an affiliate of the seller, on a short-term basis. Currently used as a call center and office space for the tenant,
Wharton intends to fully renovate the asset in 2025 after MRS BPO vacates, which will involve converting the property from its current use back to warehouse and distribution space.
Intended improvements 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 that together will reintroduce the property as best-in-class warehouse space in southern New Jersey.
The future conversion of the property back to warehouse space is exemplary of Wharton’s history of repurposing existing warehouse assets in the Greater Philadelphia region.
The purchase was led by Nick Aileo, director of Acquisitions at Wharton Industrial, who noted:
“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. 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.”
Wharton Industrial was represented by Sean Kelly of KBC Advisors in the transaction. Leor Hemo and Emily Stein of Vantage Commercial represented the seller.
