Wharton Industrial and Walton Street Capital have acquired a 32-building, 1.2 million-square-foot industrial portfolio in New Jersey from the Bloom Organization.
Wharton Industrial, based in Philadelphia, and an investment fund associated with Walton Street, headquartered in Chicago, formed a joint venture that purchased two industrial parks in Pennsauken, a suburb of Philadelphia. Twinbridge Industrial Park and Veterans Industrial Park are 100% leased to 49 tenants.
Twinbridge was developed by the Bloom Organization, which is based in Mount Laurel, New Jersey, throughout the 1980s and was completed in the early 1990s. The park is a mix of single-tenant and multitenant buildings constructed with drive-in loading and 21-foot-clear ceilings. The Twinbridge site includes every building on Twinbridge Drive as well as several buildings on Remington Avenue.
Veterans Industrial Park was also developed by Bloom and includes 12 buildings on Thomas Busch Highway, Hylton Road and National Highway. As part of a unification of the properties, Veterans Industrial Park will be renamed Twinbridge West.
Besides branding the properties under the Twinbridge name, Wharton Industrial plans to upgrade the common areas of the parks, including new signage and upgraded landscaping.
The acquisition is part of Wharton Industrial’s focus on purchasing and developing well-located properties on the East Coast. The company has been active in the Philadelphia market, purchasing a 283,500-square-foot subway-repair warehouse located next to Center City. Wharton Industrial renovated it and leased it to e-commerce giant Amazon as a same-day delivery station.
The Pennsauken portfolio includes tenants such as Nestlé Waters, Lennox Industries, Cooper Electric Supply, Sprint, Kone and Enterprise Rent-a-Car.
The properties are located immediately off state highways Route 73 and 130 while also offering access to Philadelphia via the Betsy Ross and Tacony-Palmyra bridges.
For more information about Pennsauken industrial space for sale or lease in Pennsauken or about any other Philadelphia properties for sale or lease, please contact WCRE at 856-857-6300.
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