Wharton Industrial, a platform company of New York City-based Wharton Equity Partners, and its joint venture partner Walton Street Capital have sold Twinbridge Industrial Park for $194.5 million – one of the largest industrial transactions in New Jersey this year. The 37-asset, 1.3-million-square foot portfolio is located in Pennsauken 15 minutes from Center City Philadelphia and was acquired by an affiliate of DRA Advisors headquartered in NYC after three years under Wharton’s ownership amid the pandemic.
Peter C Lewis, founder and chairman at Wharton Industrial said “With over 50 tenants at Twinbridge there was legitimate concern as to the sustainability of tenancy” despite others being fearful to invest during that time period due to economic uncertainties; however their intuition paid off with rents increasing more than 100% through strategic property improvements and extensive leasing management during their three year hold period leading up to sale completion. Lewis also thanked CBRE team Brad Ruppel Mike Hines & Liam Fahey along with Marc Isdaner & Ian Richman from Colliers who provided superior representation on behalf of them throughout the process .
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