Camber Real Estate Partners and Advance Realty Acquire I-80 Distribution Center in Paterson, New Jersey
Industrial property offers partnership rare opportunity to acquire institutional-grade asset in prime distribution-oriented location
A joint venture partnership between Camber Real Estate Partners and Advance Realty announced today that it has acquired the I-80 Distribution Center, located at 1200 Madison Avenue in Paterson, New Jersey. The property is a fully-leased, 245,000-square-foot industrial facility situated immediately off Interstate 80.
The building features 30-foot ceiling heights and 21 loading positions, as well as ample car and truck parking. Currently 100-percent leased, the asset has experienced strong historical occupancy, and is leased to two tenants: M.Tucker, a Division of Singer NY, LLC, which is one of the largest independent food-service equipment distributors on the eastern seaboard, and SupplyOne, a leading national packaging solutions company.
The property offers immediate proximity to the area’s robust highway infrastructure, which allows for convenient access throughout the entire New York Metropolitan Area. “The property’s location is outstanding, as it sits only 15 miles from Manhattan, directly on a four-way interchange along Interstate 80,” stated Dave C. Surti, Principal of Camber Real Estate Partners.
Demand for industrial space in this New Jersey submarket is driven by the area’s proximity to the Ports and the densely-populated communities of Northern New Jersey and New York City. “This acquisition represents a rare opportunity to acquire an institutional-quality industrial asset within one of the most sought-after and supply-constrained markets in the United States,” said Alexander Cocoziello, Principal and Vice President of Advance Realty. “Historically, this building has enjoyed consistently strong occupancy, and we fully expect this trend to continue as the industrial market in New Jersey continues to tighten.”
The partnership plans to hold the asset as a long-term investment. “The I-80 Distribution Center is in an excellent last-mile infill location and we are confident that it will continue to generate durable cash flow and benefit from the area’s superior consumer and labor base,” stated Christopher M. Bellapianta, Managing Principal of Camber Real Estate Partners.
The project was marketed for sale by Cushman and Wakefield’s Metropolitan Area Capital Markets Group, including Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt and Ryan Larkin, and industrial leasing specialist Andrew Siemsen.
Cushman & Wakefield’s Equity Debt and Structured Finance Group, headed by John Alascio, and including Sridhar Vankayala and Noble Carpenter III, arranged the financing. Mortgage financing was provided by Hamilton, New Jersey based First Bank.
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