Camber Real Estate Partners recently acquired a 1.24 million-square-foot industrial portfolio in South Jersey and Philadelphia, the 77,875-square-foot building pictured here. — Courtesy: Camber
By Joshua Burd
Investment firm Camber Real Estate Partners is expanding its footprint to South Jersey and Pennsylvania, having acquired a 1.24 million-square-foot industrial portfolio in the region.
The Clifton-based firm announced the deal Friday, noting that the properties include a mix of distribution buildings and multitenant infill light industrial properties. It did not identify the addresses of the buildings, only saying that they “provide strategic access” to Philadelphia and southern and central New Jersey.
CBRE vice chairmen Michael D. Hines and Brian Fiumara, along with Senior Vice President Brad Ruppel and Financial Analyst Liam Fahey, represented the seller. Terms were not disclosed.
“2020 was a grind on every level down to its final hours” said Christopher Bellapianta, managing principal of Camber Real Estate Partners. “We were thrilled to end the year with this acquisition and remain focused on continuing to acquire value-add industrial and light industrial assets in the greater New York and greater Philadelphia metropolitan areas.”
In announcing the deal, Camber said its acquisitions in 2020 totaled 30 buildings spanning seven counties in New Jersey and Bucks County in Pennsylvania. Its recent purchase in South Jersey and Pennsylvania consists of “functional well-leased buildings with a diverse high-quality roster of tenants,” the firm said.
“The acquisition of this portfolio aligns with our strategy to acquire light industrial product in submarkets where the supply and demand paradigm effects rent growth and low vacancy over the life of an investment.” said Dave Surti, also a principal with the firm. “We continue to observe unprecedented tenant demand as occupants seek locations in proximity not only to end-consumers but also other businesses in the supply chain.”
