Wharton Equity Partners, a New York City real estate investment owner-developer-operator, has purchased a 200,000 sq. ft. industrial building in Croydon. Natalie Kostelni reported the $22.5 million transaction for the Philadelphia Business Journal.

The site, located at 2955 State Road, belonged to warehousing company Mid-Atlantic Distribution for the past 30 years. It sold the property in an off-market transaction and signed a short-term lease to remain on location until the middle of this year.

In the meantime, the new owners will use the time to plan upgrades and improvements that include a repaved parking lot, new signage, and HVAC upgrades.

The plot joins eight other regional sites owned by Wharton Equity Partners.

 “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 the commercial real estate investment firm.

Among the structure’s commercial advantages is quick access to transportation routes. I-95, Route 1, the Pennsylvania Turnpike, the Burlington-Bristol Bridge, and commercial rail lines are all in close proximity.

More on this Croydon purchase is at the Philadelphia Business Journal.