Camber Real Estate Partners, a Clifton-based real estate firm, announced Wednesday that it has acquired an East Hanover industrial facility.
The property at 601 Murray Road is 88,220 square feet on 6.3 acres, and Camber agreed to a five-year lease renewal with its largest, undisclosed tenant — while preparing a 60,000-square-foot unit for lease.
In addition, Camber announced that it has signed two long-term leases at a 77,875-square-foot warehouse property at 100 Industrial Road in Berkeley Heights that it recently purchased. The two undisclosed, credit-worthy tenants fill a space that had been vacant at the time of purchase in April.
“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 Managing Principal Christopher M. Bellapianta said in a prepared statement. “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.”
The Murray Road transaction was handled by Cushman & Wakefield’s New Jersey Investment Sales team led by Gary Gabriel and Kyle Schmidt, while the Industrial Road transaction was facilitated by Resource Realty’s Tom Consiglio and William Pastuszak and JLL’s Chad Hillyer and Tyler Baker.
“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,” Camber Principal Dave C. Surti said in a statement. “Just as 100 Industrial has quickly leased up, we anticipate that 601 Murray will be extremely well-received by the market.”