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Bucks County logistics firm leases 200,000-square-foot Croydon building just 8 days after touring it
The 200,000-square-foot building at 2955 State Road in Croydon.
Philadelphia, PA – Less than a year after buying a 200,000-square-foot industrial building in Croydon, Wharton Equity Partners has landed a new tenant for the vacant property.
Jillamy Inc., a third-party logistics company based in Chalfont, toured the building at 2955 State Road and signed a lease eight days later. The company takes occupancy Sept. 8. “It was a very fast-moving process,” said Nick Aileo, director of acquisitions for Wharton Equity.
The pace of the deal underscores continued demand for well-located industrial space throughout the region despite some skittishness in the economy. The building is within proximity to I-95, Route 1, the Pennsylvania Turnpike as well as the Burlington-Bristol Bridge leading into Southern Jersey and is adjacent to rail.
It also points to the scarcity of inventory, which is prompting tenants to move fast to secure space before losing out on it.
Last December, Wharton Equity paid $22.65 million for the building. It bought it from Mid-Atlantic Distribution, a third-party logistics company headquartered in Pennsauken, New Jersey, which signed a four-month lease to remain in the building until this past April.
Once the building was vacated, Wharton Equity spent $2 million to make a series of improvements including painting the interior and exterior, putting in heating, upgrading the office area and paving the parking lot.
“We had a lot of interest in the building and as the renovations progressed, interest picked up,” Aileo said.
Jim Scott of Avison Young represented Wharton Equity while Mike Borski of Flynn Co. represented the tenant.
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About Wharton Equity
WHARTON EQUITY PARTNERS is a New York City-based investment firm with significant roots as a real estate owner, developer, and operator. Since its inception in 1987 as a developer of large-scale residential communities, the firm has shown an innate ability to foresee macroeconomic trends and move with conviction to invest in emerging opportunities. Today, Wharton Equity has a family of wholly-owned platform businesses which provides the company with the agility and expertise to act on a wide variety of transactions, including venture capital investing. This flexible philosophy has enabled Wharton Equity to generate superior returns over various business cycles and garner unrivaled trust, earned through proven performance.
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Listing contact:
- Jim Scott ([email protected]), Principal; Industrial, Philadelphia: +1.215.932.1157