601 Murray Road in East Hanover — Courtesy: Camber Real Estate Partners
By Joshua Burd
An investment firm has expanded its northern New Jersey industrial portfolio with the acquisition of a nearly 90,000-square-foot property in East Hanover.
Camber Real Estate Partners, which is based in Clifton, announced that it completed its purchase of 601 Murray Road and immediately agreed to a five-year lease renewal with the property’s largest tenant. It’s now preparing a 60,000-square-foot unit for lease within the 88,220-square-foot facility, which sits near Ridgedale Avenue and Route 10.
Cushman & Wakefield Vice Chairman Gary Gabriel and Managing Director Kyle Schmidt brokered the sale. In a news release, Camber noted the transaction follows its April purchase of 100 Industrial Road, a 77,875-square-foot warehouse property at 100 Industrial Road in Berkeley Heights, which was vacant at the time but is now fully leased long-term to two credit-worthy tenants.
Tom Consiglio and William Pastuszak of Resource Realty of Northern New Jersey and JLL’s Chad Hillyer and Tyler Baker brokered the earlier deal. Camber did not disclose the terms of either acquisition.
“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 Christopher M. Bellapianta, Camber’s managing principal. “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.”
Sitting on 6.3 acres, 601 Murray Road has 24-foot ceiling heights, 40-foot-by-40-foot column spacing, seven loading positions and a small office suite. Camber has acquired the property with plans to capture the ongoing demand for industrial space in North Jersey.
“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,” said Dave C. Surti, a Camber principal. “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.”
