Wharton Equity Partners has acquired a 200,000-square-foot industrial building in Croydon for $22.5 million and plans a series of upgrades to the property that has been owned and occupied by the same company for nearly three decades. 

Mid-Atlantic Distribution, a third-party logistics company headquartered in Pennsauken, New Jersey, sold the building at 2955 State Road in an off-market transaction and signed a short-term lease to remain in the building until mid-2022. 

The Croydon building was part of Wharton’s acquisition this fall of eight properties totaling 450,000 square feet it purchased across the region, including in Reading and South Jersey. “This is a unique opportunity for us to reintroduce a building to the market that has historically been unavailable to the tenant community,” said Nick Aileo of Wharton Equity. 

The real estate company plans to move forward with interior and exterior renovations including repaving the parking lot, new signage, landscaping as well as adding heat and other mechanical upgrades after Mid-Atlantic moves out next year. It has already painted the exterior of the structure. 

*Article courtesy of Philadelphia Business Journal

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