As Demand for Last-Mile Warehouse Locations Heats Up, New Jersey-Based Real Estate Investment Management Company Expands Its Portfolio of Industrial Properties
Camber Real Estate Partners today announced the acquisition of an 88,220-square-foot industrial facility in East Hanover, New Jersey. Located at 601 Murray Road, the property is situated on 6.3 acres near the intersection of Route 10 and Ridgedale Avenue.
The acquisition comes on the heels of the New Jersey-based real estate investment management firm’s April purchase of 100 Industrial Road, a 77,875-square-foot warehouse property in Berkeley Heights, N.J., that was vacant at the time of the purchase, but is now fully leased to two credit-worthy tenants on a long-term basis.
Immediately following the acquisition of 601 Murray Road, Camber agreed to a five-year lease renewal with the property’s largest tenant, and is preparing 60,000-square-foot unit for lease. With 24-foot ceiling heights, 40-by-40-foot column spacing, 800a heavy power, seven loading positions and a small, well-appointed office suite, 601 Murray Road is ideally suited for an array of tenants.
“In a competitive, supply-constrained market, these acquisitions reflect our team’s ability to creatively identify and close on infill properties that possess the potential to generate durable cash flow,” Camber’s Managing Principal Christopher M. Bellapianta said. “It’s very gratifying to be able to take a vacant and formerly owner occupied single tenant building and reenvision it in a way that has enabled us to get it fully leased to high-caliber tenants in less than 60 days.”
Camber Principal Dave C. Surti added: “These acquisitions and corresponding lease agreements are great examples of our strategic focus on transactions with strong fundamentals that can be stabilized at a discount to the asset’s intrinsic value. Just as 100 Industrial has quickly leased up, we anticipate that 601 Murray will be extremely well received by the market. In addition to its excellent last-mile infill location, the space that will be available for lease is extremely functional.”
Demand for industrial space in northern New Jersey is driven by the area’s proximity to the Port of New York and New Jersey and the area’s exceptional demographics. Both 601 Murray Road and 100 Industrial Road provide immediate proximity to the area’s robust highway infrastructure, allowing for convenient access to the entire region.
The 601 Murray Road transaction was facilitated by the New Jersey Investment Sales team of Cushman and Wakefield. The team was led by vice chairman Gary Gabriel and managing director Kyle Schmidt. The 100 Industrial Road transaction was facilitated by Tom Consiglio and William Pastuszak or Resource Realty and Chad Hillyer and Tyler Baker of Jones Lang Lasalle.
About Camber Real Estate Partners
Camber Real Estate Partners is a fully integrated real estate investment company specializing in the acquisition, development and repositioning of real property in the New York Metropolitan Area. The firm’s principals have over 30 years of experience investing in core markets through multiple cycles. The company is dedicated to generating superior risk-adjusted returns for its investors and partners, and creating value for all stakeholders of the communities in which it invests. The cornerstone of Camber Real Estate Partners’ investment strategy is infill middle-market transactions with strong fundamentals that can be stabilized at a discount to intrinsic value.
For more information, please visit www.CamberREP.com.
