East Windsor, CT Wharton Industrial, a platform of real estate investment firm Wharton Equity Partners, leased the entirety of its 279,256 s/f industrial warehouse to BlueTriton Brands, Inc. — formerly known as Nestle Waters North America — just months after Wharton’s acquisition of the property in October 2021.
Located at 18 Craftsman Rd., the warehouse was purchased in a joint venture with Boston-based Long Wharf Capital. Originally constructed in 1979, the property features 18-to 20-foot clear heights; six tailgates; two drive-in doors; over 300 parking spaces; and 5,000 s/f of office space. It is currently undergoing an extensive renovation led by Wharton, which includes the installation of energy-efficient LED lighting throughout the warehouse; the re-paving of the entire building’s exterior truck court and parking lots; and the addition of several truck loading doors — all with the goal of enhancing the building’s functionality to serve a modern distribution tenant such as BlueTriton.
The renovations are anticipated to be completed this month, after which BlueTriton will occupy the premises and begin its warehousing and distribution operations.
“Wharton acquired this strategically located property with a clear investment thesis in mind — enhancing it to maximize the site’s tremendous potential and better serve the expanding list of tenants seeking space in East Windsor and Greater Hartford. Even without being complete, the results of our ongoing repositioning plan and the strong marketing campaign that CBRE created allowed us to pre-lease the building much sooner than anticipated,” said Scott Guo, head of acquisitions for Wharton Industrial. “We’re excited to welcome BlueTriton to this property and look forward to realizing the growing value to be captured in this fast-rising industrial market.”
Wharton was represented by Chris Metcalfe and Jack Reed of CBRE in the transaction.
The warehouse property is located in one of the Northeast’s most supply-constrained industrial submarkets and along the bustling I-91 corridor — the area’s primary north-south thoroughfare. It sitsa five-minute drive from the interstate on-ramp to I-91, is 10 minutes from Bradley International Airport, and 20 minutes from both Springfield, Mass. and Hartford, Conn.
Since its launch in 2017, Wharton Industrial has established itself among the most active investors and developers in the Eastern U.S. The firm is the developer behind the 283,500 s/f SoPhi Logistics Center in South Philadelphia — a formerly defunct railcar facility that Wharton transformed into a first-class last-mile delivery facility. The building was leased to Amazon in its entirety before being sold for $70 million in late 2020. In 2019, the platform also purchased a 32-building, 1.1 million s/f portfolio in Pennsauken, N.J. – making it the largest industrial landlord in the township – and has since added additional holdings both there and in nearby Cherry Hill, N.J.
Wharton Industrial also has an established track record of developing modern warehouse and industrial facilities in proximity to highly populated metropolitan centers, often leasing them to major e-commerce and retail tenants. Its other holdings and past developments include a 510,000 s/f industrial facility in Lakeland, Fla.; Florida Crossroads Logistics Center, a 617,046 s/f industrial project in Ocala, Fla.; and a two-building, 600,000 s/f industrial development in Greenville, S.C.