Wharton Industrial-Walton St. Capital Buy Philly Industrial Building
Wharton Industrial and Walton Street plan to invest upwards of $10 million to completely transform the site, which it will rebrand as “SoPhi (pronounced, Sōfee) Logistics Center.”
PHILADELPHIA—Wharton Industrial Partners of New York City and Chicago-based Walton Street Capital have acquired a 283,500-square-foot industrial property at 2400 Weccacoe Ave. located three miles outside of Center City here.
The 13.5-acre site was sold by a Zurich-based individual investor who purchased the property in 2006. CBRE’s Patrick Green and Michael Mullen represented the seller in the transaction. The new ownership has tapped both Green and Mullen, in addition to CBRE SVP Jake Terkanian, to spearhead the leasing campaign at the property. No financial terms of the transaction were disclosed.
Wharton Industrial and Walton Street plan to invest upwards of $10 million to completely transform the site, which it will rebrand as “SoPhi (pronounced, Sōfee) Logistics Center.”
“We are very excited to have acquired 2400 Weccacoe Avenue as it provides a unique opportunity to create a true ‘last mile’ warehouse in the middle of the fifth largest MSA in the United States,” says Peter C. Lewis, president of Wharton Industrial. “We are planning a carefully curated extensive renovation to meet the needs of today’s users and are looking forward to working closely with CBRE to see this asset reach its true potential.”
Improvements will include installing a new roof, leveling the interior floors, adding new lights, expanding and upgrading the loading docks, repaving the entire site, painting the interior and exterior of the building, adding new modern tailgate doors and fresh landscaping, among other upgrades. The new facility is expected to be delivered in early 2020.
“The buyer was attracted to the location of this facility being adjacent to the Packer Avenue Marine Terminal and its close proximity to Center City and University City,” says CBRE SVP Green. “We are thrilled that the new ownership has retained CBRE to reimagine the facility into a modern distribution center that will attract premier tenants. Once completed, this property will truly connect Philadelphia’s people, ports and roads.”
Originally built in 1970, the facility has been retrofitted and converted for many different uses over the last few decades, most recently serving as the home to Hyundai Rotem, a South Korean company that vacated the property in 2018.
The SoPhi Logistics Center is located near the Port of Philadelphia, Philadelphia International Airport, Interstates 95, 295 and 76 and three miles from Philadelphia City Hall.