$21.98M in financing secured for a light industrial portfolio

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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