A joint venture between Camber Real Estate Partners and Advance Realty has acquired a 370,000-square-foot industrial portfolio in Allendale, the venture announced Monday.
The portfolio, which is 90 percent leased, includes seven buildings located directly off Route 17 with close access to the Garden State Parkway and Interstate 287. Tenants include national corporations like Stryker and Volkswagen.
Camber and Advance said they plan to upgrade the portfolio with capital improvements for current and new tenants.
“The confluence of the quality and functionality of these improvements, the tremendous highway access to serve local and regional users and the high barrier-to-entry infill location are a few of the attributes that drew us to this investment,” said Dave C. Surti, principal of Camber Real Estate.
Alexander Cocoziello, principal and managing director of Advance, said the portfolio is one that’s sought-after, especially since it’s in Bergen County.
“We are excited to grow our partnership with Camber on another excellent investment opportunity,” said Cocoziello. “It is rare that a portfolio such as this one becomes available in sought-after Northern Bergen County, and we plan to hold it as a long-term investment.”
The project was marketed by Cushman & Wakefield’s New Jersey investment sales team, led by Gary Gabriel, vice chairman, and included Kyle Schmidt, managing director, and Andrew MacDonald, assistant director. Joe Alascio, executive managing director of the firm’s Equity, Debt and Structured Finance group, arranged mortgage financing with Sri Vankayala, senior director, and Noble Carpenter III, capital markets associate.
“This portfolio fits well with our investment strategy. These assets are irreplaceable and sit in one of the most desirable regional locations in the United States. We expect the supply and demand characteristics to yield durable cash flow over the life of our investment,” said Christopher M. Bellapianta, managing principal of Camber Real Estate.
Citizens Bank of Pennsylvania provided $34.5 million in acquisition financing. Ed Terry, senior vice president and regional commercial real estate executive at Citizens, originated the loan.
