Camber Real Estate Partners has acquired an 88,220 s/f industrial facility in East Hanover, NJ, and renewed its biggest tenant.
Located at 601 Murray Road, the property is situated on 6.3 acres near the intersection of Route 10 and Ridgedale Avenue.
Immediately following the acquisition , Camber agreed to a five-year lease renewal with sunglasses manufacturer, Vision Products for 60,000 s/f.
“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,” said Camber’s Managing Principal Christopher M. Bellapianta.
“It’s very gratifying to be able to take a vacant and formerly owner occupied single tenant building and re-envision it in a way that has enabled us to get it fully leased to high-caliber tenants in less than 60 days.”
The acquisition comes on the heels of the New Jersey-based real estate investment management firm’s April purchase of 100 Industrial Road, a 77,875 s/f warehouse property in Berkeley Heights, N.J., that was vacant at the time of the purchase, but is now fully leased to two credit-worthy tenants on a long-term basis.
Camber principal Dave C. Surti said: “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.
“Just as 100 Industrial has quickly leased up, we anticipate that 601 Murray will be extremely well received by the market. In addition to its excellent last-mile infill location, the space that will be available for lease is extremely functional.”
Demand for industrial space in northern New Jersey is driven by the area’s proximity to the Port of New York and New Jersey and the area’s exceptional demographics. Both 601 Murray Road and 100 Industrial Road provide immediate proximity to the area’s robust highway infrastructure, allowing for convenient access to the entire region.
The 601 Murray Road transaction was facilitated by the New Jersey Investment Sales team of Cushman and Wakefield. The team was led by vice chairman Gary Gabriel and managing director Kyle Schmidt. The 100 Industrial Road transaction was facilitated by Tom Consiglio and William Pastuszak or Resource Realty and Chad Hillyer and Tyler Baker of JLL.