JLL Capital Markets secured acquisition financing for a 251,922-square-foot portfolio of six properties located in South Jersey.
The firm said it arranged the funding for Wharton Industrial’s deal on March 2. JLL worked on behalf of the Wharton Equity Partners platform to secure a four-year, floating-rate, non-recourse acquisition loan through Ready Capital.
The Philadelphia-area properties are situated in Pennsauken, Moorestown and Marlton in New Jersey, and Boothwyn and Reading in Pennsylvania.
The portfolio features individual units ranging from 21,500 square feet to 75,725 square feet; 18-foot to 22-foot clear ceiling heights with 46 loading docks and 13 drive-in doors; and is anchored by Syscom Tech, a leading electronic contract manufacturer, and Flowserve Corp., a supplier of industrial and environmental machinery.
Senior Managing Directors Steven Klein and Michael Klein, and Associate Ryan Carroll led the JLL Capital Markets Debt Placement team representing Wharton.
“We were eager to partner with both Ready Capital and JLL to acquire these prime industrial assets within the Philadelphia Metro Area,” Wharton Equity Partners founder and Chairman Peter Lewis said in a statement. “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 (internal rate of return) for our investors.”
The properties are located at:
- 9256-60 Commerce Highway in Pennsauken
- 1537 Glen Ave. in Moorestown
- 5 E. Stow Road in Marlton
- 18 and 19 Creek Parkway in Boothwyn, and
- 71 Vanguard Drive in Reading.
“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.