Twinbridge Heart. Picture courtesy of Wharton Industrial
Wharton Industrial, a platform firm of Wharton Fairness Companions, together with three way partnership associate Walton Road Capital, have bought a 1.3 million-square-foot industrial portfolio within the Philadelphia space. An affiliate of DRA Advisors bought the 37-asset assortment for $194.5 million.
The portfolio, Twinbridge Industrial Park, also referred to as the Twinbridge Heart, is situated in Pennsauken, N.J., in proximity to Heart Metropolis Philadelphia.
Twinbridge Industrial Park homes greater than 50 corporations. Among the heart’s tenants embody Lennox, Nestle Waters, Cooper Electrical, PepsiCo, Krannich and KONE. The vast majority of the properties are totally leased.
Buildings inside Twinbridge Industrial Park vary in dimension from lower than 10,000 sq. ft to greater than 75,000 sq. ft. Property provide facilities corresponding to drive-in dock doorways and clear heights of as a lot as 24 ft.
Tenants are in proximity to eating, leisure and retail alternatives in Heart Metropolis Philadelphia, in addition to all through Camden County. Route 73 and U.S. Route 130 provide entry to the bigger New Jersey and Pennsylvania areas, whereas connecting the property to higher northeastern distribution routes.
All through the vendor’s three-year possession of the economic portfolio, rents elevated greater than 100%. Roughly 80 p.c inner charge of return was achieved by the sellers within the deal.
The sale marks considered one of New Jersey’s largest industrial offers thus far in 2023.
CBRE’s Brad Ruppel, Mike Hines and Liam Fahey and Colliers‘ Marc Isdaner and Ian Richman represented the sellers within the transaction.
Philadelphia industrial increase
In 2022, the Better Philadelphia space noticed essentially the most energetic industrial market within the Northeast, CommercialEdge information reveals. As of the tip of November final 12 months, some 21.5 million sq. ft of house have been beneath development, demonstrating the market’s robust continued industrial demand.
All through the primary half of this 12 months, many corporations have been increasing their Philadelphia industrial footprint. Dermody Properties lately bought a 214,271-square-foot growth in Woolwich Township, N.J. Hines additionally notably accomplished the acquisition of a 501,600-square-foot property in Covington Township, Pa.
