A joint venture partnership between Camber Real Estate Partners and Advance Realty Investors announced today that it has acquired a three-building, 400,000-square-foot light industrial portfolio in Mahwah, New Jersey.
The Mahwah Industrial Park is located immediately off Route 17 in Bergen County, five minutes south of the intersection of major interstate highways 87 and 287. The properties have tremendous visibility from Route 17 and provide for easy access to Midtown Manhattan, Port Newark/Elizabeth, Newark Liberty International Airport and the Meadowlands Industrial Market through Northern New Jersey’s vast highway network.
The properties are a two-minute walk from the Mahwah train station, and less than a five-minute drive from the Ramsay Route 17 train station, offering access to the entire Northeast Corridor via the Main/Bergen-Port Line, including New York City through Secaucus Junction. Such proximity to transit is rare in the supply-constrained, Northern Bergen County market, which continues to exhibit strong demographics.
The assets are 100-percent leased to a diverse tenant roster that spans various industries, most notably, Prestige Toyota, Lincoln Technical Institute, Flyte Tyme and EDAX. The portfolio has experienced strong occupancy since construction due to its regional reach, excellent highway access and proximity to a confluence of wealthy surrounding communities that house business owners, executives and employees. Camber plans to expand on the overall tenant experience at the park through its highly experienced sponsorship and deep understanding of the market.
“This is an excellent risk-adjusted investment given the market constraint and flexible nature of the improvements, as well as the strong occupancy history of these consistently institutionally owned assets,” stated Dave C. Surti, principal of Camber Real Estate Partners. “The park’s desirability is evidenced by its ability to continually attract and retain tenants with lengthy tenure.”
The three buildings that encompass the portfolio were built to an institutional standard in 1966, with all units featuring individual entrances and dedicated loading. The campus offers parking ratios that far exceed the market standard and is ideal for heavy parking users. However, the buildings are highly divisible and suitable for a variety of manufacturing, distribution and office tenants.
“We are thrilled to grow our partnership with Camber on another outstanding investment opportunity,” said Alexander Cocoziello, principal and managing director of Advance Realty Investors. “The portfolio exhibits excellent supply and demand characteristics and our partnership plans to hold it as a long-term investment.”
In the past 24 months, Camber Real Estate Partners has assembled a portfolio consisting of nearly 1.6 million square feet across 15 buildings, in addition to completing several large acquisition advisory assignments.
“This park represents an opportunity to own one of the best-in-class industrial assets in a sought after, infill location with extremely high barriers-to-entry,” stated Christopher M. Bellapianta, managing principal of Camber Real Estate Partners. “This acquisition allows us to grow our foothold in the market while keeping true to our investment strategy.”
The sale was arranged by the New Jersey Investment Sales team of Cushman and Wakefield. The team was led by Vice Chairman Gary Gabriel and included Managing Director Kyle Schmidt and Associate Director Ryan Larkin.
John Alascio, executive managing director of Cushman and Wakefield’s Equity, Debt and Structured Finance group, arranged mortgage financing with a team that included Senior Director Sri Vankayala, Capital Markets Associate Noble Carpenter III and Analyst Emily Johansen.
The acquisition financing of $31.2 million was provided by People’s United Bank.
About Camber Real Estate Partners
Camber Real Estate Partners is a New Jersey based real estate investment management company that acquires value-add middle-market real estate investments and sponsors the development of industrial, multifamily and retail assets in the New York Metropolitan Area. The firm’s management team has over 30 years of experience investing in its target markets through multiple cycles having acquired over 7.5 million square feet encompassing approximately $2.2 billion in total capitalization.
About Advance Realty Investors
Advance Realty Investors is a privately-owned real estate investment, development and management company that has been in business for over 40 years. Advance owns, manages or has invested in a diversified, 15-million-square-foot portfolio across all asset classes. The company actively pursues real estate investments in commercial, residential, industrial, retail, mixed-use, and other projects, that enhance value through development, repositioning and redevelopment. Advance Realty Investors is one of New Jersey’s most well-respected owner/operator/ developers in the Northeast Corridor.