News release

$21.98M in financing secured for a light industrial portfolio

JLL Capital Markets arranged financing for Wharton Industrial’s acquisition of the six-property portfolio located in Pennsylvania and New Jersey

March 02, 2022

Jenna Sharp

Property Management and Capital Markets
+1 214 438 6450

New Jersey, March 2, 2022 – JLL Capital Markets announced today that it has secured $21.98 million in acquisition financing for a six-property portfolio that includes 251,922 square feet of light industrial space with properties in the Philadelphia-area communities of Pennsauken, Moorestown, and Marlton, New Jersey and Boothwyn, and Reading, Pennsylvania.

JLL worked on behalf of the borrower, Wharton Industrial, a platform of Wharton Equity Partners, to secure a four-year floating-rate, non-recourse acquisition loan through Ready Capital.

The portfolio is anchored by Syscom Tech, one of America’s leading electronic contract manufacturers and Flowserve Corporation, one of the largest suppliers of industrial and environmental machinery. The vintage of the properties range between 1987 and 2005, and the portfolio features 18- to 22-foot clear ceiling heights with loading docks and drive-in doors. Additionally, the portfolio offers 21,500 to 75,725 square feet.

The properties are located at 9256-60 Commerce Hwy. in Pennsauken, 1537 Glen Ave. in Moorestown, 5 E. Stow Rd. in Marlton, 18 and 19 Creek Parkway in Boothwyn and 71 Vanguard Dr. in Reading. All six property locations offer convenient highway accessibility with Interstate 95, New Jersey Turnpike, Interstate 295 and Interstate 76 near 9256-60 Commerce Hwy., 5 E. Stow Rd., 1537 Glen Ave. and 18 and 19 Creek Parkway and Interstate 176 near 71 Vanguard Dr.

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Directors Steven Klein, Michael Klein and Associate Ryan Carroll.

“JLL is pleased to have sourced acquisition financing for this light industrial portfolio and to continue its relationship with Wharton Equity Partners,” said Steven Klein.

“Ready Capital provided a flexible structure that accommodated the purchase of six individual properties from five separate sellers at a leverage and rate that helped maximize the borrower’s returns,” added Michael Klein.

“We were eager to partner with both Ready Capital and JLL to acquire these prime industrial assets within the Philadelphia Metro Area. We have a history of investing in this region, with its close proximity to a large population hub and ideal access to major arteries for 3PL and distribution providers, and we are confident that this strategic acquisition that will yield significant IRR for our investors,” said Peter C. Lewis, Founder and Chairman of Wharton Equity Partners.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Wharton Industrial

Wharton Industrial, a platform company of real estate investment firm Wharton Equity Partners, is a leading investor and developer of industrial real estate, with a robust pipeline of properties across the Eastern Seaboard, Florida and the southeast. Steered by the company’s forward-thinking leadership team, Wharton has been extremely active in the industrial sector since 2017 acquiring last-mile distribution facilities in proximity to major urban markets as well as developing big box spec development projects in the southeast. To date, Wharton Industrial has completed over $700 million in transactions, spanning nearly 9 million square feet.  Wharton Equity Partners is an innovative real estate investment firm with extensive experience acquiring, developing and operating a wide range of real estate asset classes since its inception in 1987. The firm also has a venture capital arm, Wharton Equity Ventures, that is an active investor in growth companies targeting multi-billion markets.