Mahwah Industrial Park at 16 McKee Drive, 70-82 McKee Drive and 91-97 McKee Drive in Mahwah — Courtesy: Camber Real Estate Partners and Advance Realty Investors
By Joshua Burd
A joint venture has added to its portfolio of light industrial buildings with the acquisition of a three-building, 400,000-square-foot industrial complex in Mahwah.
The firms, Camber Real Estate Partners and Advance Realty Investors, announced that they have closed on their purchase of 16 McKee Drive, 70-82 McKee Drive and 91-97 McKee Drive, which make up the Mahwah Industrial Park off Route 17. Located five minutes south of the intersection of interstates 87 and 287, the portfolio is 100 percent leased to a diverse mix of tenants.
“This is an excellent risk-adjusted investment given the market constraint and flexible nature of the improvements, as well as the strong occupancy history of these consistently institutionally owned assets,” said Dave C. Surti, principal of Camber Real Estate Partners. “The park’s desirability is evidenced by its ability to continually attract and retain tenants with lengthy tenure.”
In announcing the deal on Tuesday, the firms touted the site’s proximity to the Mahwah train station and the Ramsey Route 17 train station, along with easy access to northern New Jersey’s vast highway network and the Meadowlands industrial submarket. The joint venture also cited the surrounding demographics as a driver of its strong occupancy since the portfolio was built in 1966.
Tenants at the park include Prestige Toyota, Lincoln Technical Institute, Flyte Tyme and EDAX, according to a news release. Units feature individual entrances, dedicated loading and parking ratios above the market standard.
The Cushman & Wakefield team of Vice Chairman Gary Gabriel, Managing Director Kyle Schmidt and Associate Director Ryan Larkin brokered the transaction. John Alascio, executive managing director of the firm’s equity, debt and structured finance group, arranged mortgage financing with a team that included Senior Director Sri Vankayala, Capital Markets Associate Noble Carpenter III and Analyst Emily Johansen.
People’s United Bank provided $31.2 million in acquisition financing, the news release said.
“We are thrilled to grow our partnership with Camber on another outstanding investment opportunity,” said Alexander Cocoziello, principal and managing director of Advance Realty Investors. “The portfolio exhibits excellent supply and demand characteristics and our partnership plans to hold it as a long-term investment.”
The deal is the latest transaction for Camber Real Estate Partners, which has acquired nearly 1.6 million square feet across 15 buildings over the past 24 months. The firm has also completed several large acquisition advisory assignments.
“This park represents an opportunity to own one of the best-in-class industrial assets in a sought after, infill location with extremely high barriers-to-entry,” said Christopher M. Bellapianta, managing principal of Camber Real Estate Partners. “This acquisition allows us to grow our foothold in the market while keeping true to our investment strategy.”