“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,” Dave C. Surti, principal of Camber Real Estate, said. “The park’s desirability is evidenced by its ability to continually attract and retain tenants with lengthy tenure.”
The portfolio, the Mahwah Industrial Park, is located right off Route 17 within close access to interstates 87 and 287, and the Mahwah train station.
“We are thrilled to grow our partnership with Camber on another outstanding investment opportunity,” Alexander Cocoziello, principal and managing director of Advance Realty, said. “The portfolio exhibits excellent supply and demand characteristics and our partnership plans to hold it as a long-term investment.”
The asset is 100% leased to a diverse tenant roster, Camber and Advance said, including Prestige Toyota, Lincoln Technical Institute, Flyte Tyme and EDAX.
“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.”
Cushman & Wakefield‘s New Jersey investment sales team of Gary Gabriel, vice chairman; Kyle Schmidt, managing director; and Ryan Larkin, associate director; arranged the deal. John Alascio, executive managing director of Cushman & Wakefield’s Equity, Debt and Structured Finance group, arranged mortgage financing along with Sri Vankayala, senior director; and Emily Johansen, capital markets associate noble carpenter III and analyst.
People’s United Bank provided $31.2 million in acquisition financing.