Saxum Real Estate and Meadow Partners have acquired 1 Electronics Drive, an 80,420 square-foot single‐story flex industrial building in Hamilton Township.
The low‐coverage property, situated on 16 acres, is 72.8% leased to three tenants. It features 530 existing parking spaces and excess land providing optionality for future development.
Saxum and Meadow plan to reposition and market the remaining available space in the building to accommodate a wide range of shallow‐bay industrial and flex uses.
The transaction process was led by JLL, which represented the seller, BTR Capital Group. Zimmel Associates has been engaged as leasing agent to market the remaining vacancy
Saxum and Meadow feel the property’s submarket – between Philadelphia and New York City with proximity to Princeton – provides attractive opportunities for a variety of uses including logistics, life sciences, and research and development.
The groups feel it is a particularly desirable location for shallow‐bay and flex industrial uses, as its rich industrial heritage created a unique combination of affluent neighborhoods adjacent to pockets of historically blue‐collar residential areas.
“Saxum and Meadow recognize the current availability for shallow‐bay light industrial users throughout New Jersey remains scarce and view 1 Electronics as the ideal property to capture that demand,” Steve Feinberg, Saxum’s director of investments – industrial, said.
“We are excited to leverage Saxum’s fully integrated platform to execute this value‐add business plan and establish a new partnership with Meadow.”
Jeffrey Kaplan, founder and managing partner of Meadow Partners, agreed.
“Originally constructed as a manufacturing facility, 1 Electronics Drive represents an excellent opportunity to convert the property back to its historical use at an attractive cost‐basis,” he said. “We are thrilled to partner with Saxum to capitalize on significant tenant demand in the shallow‐bay industrial sector.”
