Marcus Partners in partnership with Camber Real Estate Partners, acquired ‘Crossings Light Industrial Portfolio,’ a 1.2 million, 25-building light industrial portfolio situated on a combined 97.29 acres in Southern New Jersey and Bucks County, Pennsylvania. The properties span from Bristol, Pennsylvania down to New Jersey’s Delran and Logan Township.
Camber, based in Montclair, initially acquired the portfolio in December 2020 and specializes in infill value-add light industrial product in select East Coast markets.
The buildings all feature immediate or direct access to an expansive regional highway network, a deep labor pool, and significant population density and demographics. Additionally, the properties are 95% leased to 79 national, local, public and private companies.
“As we increase our industrial holdings in this region, this portfolio completes a geographic void in the Boston to Virginia corridor while providing downside protection and opportunity for our investors,” David Fiore, principal, Metro New York regional director, Marcus Partners.
“This deal was especially attractive given the portfolio’s stable, diversified rent roll, attractive cost basis, the ability to implement a variety of value-add strategies and the opportunity to partner with Camber Real Estate Partners for whom we have great respect,” Bill McAvoy, principal, said. McAvoy, together with Todd Minerley, senior vice president of Marcus Partners, completed the acquisition.
“Crossings Light Industrial Portfolio is comprised of highly functional shallow bay industrial product in supply constrained infill locations in the Greater Philadelphia market. We are thrilled to partner with Marcus Partners to realize the portfolio’s intrinsic value,” Dave Surti, principal of Camber Real Estate Partners, said.
Michael Hines, Brad Ruppel, Joe Hill and Brian Fiumara of CBRE’s National Partners team arranged the transaction for Marcus Partners. James Millon, Tom Traynor, Tom Rugg and Mark Finan of CBRE’s Global Institutional Debt Advisory practice arranged acquisition financing for the portfolio from Blackstone.
