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Wharton Industrial, a platform of real estate investment firm Wharton Equity Partners, has acquired six industrial properties in Southern New Jersey. The purchase prices were not disclosed.
The acquisitions include a three-building, 153,400-square-foot portfolio located in Pennsauken, N.J. which Wharton Industrial acquired with Walton Street Capital. The portfolio is located within Wharton Industrial’s Twinbridge Industrial Park, a 1.1 million-square foot, 32-building warehouse complex which it acquired last year with Walton Street. The 100 percent occupied park is located just off Route 73, a short drive from I-295 and the New Jersey Turnpike. Tom Palumbo and Bill Sitar of Sitar Realty served as brokers for the sale.
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Industry insiders say likely logistics companies and e-commerce operators would be likely acquisition targets.
Retail REIT Simon Property Group, the country’s largest operator of regional malls, is riding the SPAC wave. We don’t know yet where that wave will take the company, but industry insiders offer a number of guesses.
On Jan. 29, Indianapolis-based Simon filed paperwork with the U.S. Securities and Exchange Commission (SEC) to form a special purpose acquisition company, or SPAC. The SPAC, called Simon Property Group Acquisition Holdings Inc., seeks to raise at least $300 million through an IPO.
A “blank check” SPAC is a shell company with no operations that’s set up for the sole purpose of raising cash via an IPO and eventually acquiring an existing company. It’s considered a less costly, less complicated fundraising alternative to a traditional IPO.