An investment firm recently picked up six properties. Wharton Industrial purchased the southern New Jersey industrial real estate to add to its already burgeoning portfolio. The purchase price hasn’t been disclosed, but the acquisitions include three buildings with a total square footage of 153,400. The three other properties make up about 130,000 square feet.
Wharton’s chairperson said southern New Jersey has one of the hottest, most promising industrial real estate markets in the country. The new purchases, he added, show the faith the company has in the market’s growth potential. The company will be investing funds to replace some roofs, upgrade landscaping, repair and repaint exteriors, and improve stations for truck loading and paying.
Wise purchase for company
Wharton is the biggest industrial landlord in southern New Jersey and the chair says these latest acquisitions are an ideal fit for the company that buys top-notch buildings in markets that are densely populated. In addition to purchasing these New Jersey properties, Wharton has a well-rounded portfolio of properties in the Greater Philadelphia area. Wharton is also the owner of Twinbridge Industrial Park, a more than one million-square-foot, 32-building warehouse complex purchased last year.
Industrial real estate deals in New Jersey such as these need the acumen of a lawyer experienced in real estate law. There are many laws to which these contracts must adhere and with millions of dollars on the line, ensuring contracts are legally binding is crucial. All real estate transactions require specialized legal knowledge making sure all aspects of a deal are considered and pitfalls are avoided.