New York City-based Wharton Industrial has announced the sale of its 1.3 million-square-foot industrial portfolio near Philadelphia for $194.5 million, giving it an internal rate of return of 80%. The deal closed June 23, 2023.

Peter C. Lewis, founder and chairman of Wharton Equity Partners, sold Twinbridge Industrial Park, a 37-asset portfolio in Pennsauken, N.J., 15 minutes from Philadelphia to an affiliate of New York-City-based DRA Advisors, a real estate investment advisor specializing in value-added investing.

This transaction represents an encore for Wharton and Walton Street Capital, a Chicago-based, privately held real estate investment firm. In a prior venture, the companies repositioned a nearly 300,000-square-foot, derelict, former subway repair facility in South Philadelphia and leased the remodeled space to Amazon. "It was a 'last mile' facility that we went in and renovated." Lewis told GlobeSt.com. "We held it only for 15 months then sold the property and achieved an IRR of more than 200%."