Wharton Industrial Secures $21.9M Acquisition Loan For Industrial Properties In Pennsauken, Moorestown, Marlton, Boothwyn, And Reading

The property involved in this closed transaction is an industrial asset located in Pennsauken, Moorestown, and Marlton, NJ, as well as Boothwyn and Reading, Pennsylvania. The property consists of multiple addresses including 9256-60 Commerce Highway, 1537 Glen Ave, 5 E. Stow Road, 18 & 19 Creek Parkway, and 71 Vanguard Drive. The total square footage of the property is 251,922 square feet.

Summary of transation details

• Property Type: Industrial
• Transaction Amount: $21,980,000
• Lender: Ready Capital
• Landlord: Wharton Industrial - Peter Lewis
• Brokers: Steven Klein, Michael Klein & Ryan Carroll - JLL Capital Markets
• Loan Type: Acquisition Loan
• Loan Terms: four-year, floating-rate, non-recourse

The deal was facilitated by Steven Klein, Michael Klein, and Ryan Carroll from JLL Capital Markets, who represented the buyer and seller in the transaction. Wharton Industrial, represented by Peter Lewis, acted as the landlord. The loan for the transaction was provided by Ready Capital. The loan amount was $21,980,000, and it was an acquisition loan with a four-year, floating-rate, non-recourse term.