Camber Real Estate Partners recently acquired a 1.24 million-square-foot industrial portfolio in South Jersey and Bucks County, Pennsylvania — Courtesy: Cushman & Wakefield
By Joshua Burd
Camber Real Estate Partners has secured a nearly $70 million acquisition loan for a 25-building, 1.24 million-square-foot light industrial portfolio in South Jersey and Pennsylvania.
According to Cushman & Wakefield, which represented the Clifton-based investment firm, Natixis provided the floating rate financing for what’s known as the Crossings Industrial Portfolio. News of the transaction follows Camber’s announcement last month that it was expanding to the greater Philadelphia metropolitan market, having completed the deal late last year.
“The portfolio represents an ideal mix of functional, multi-tenanted and well-located light industrial assets in greater Philadelphia’s most sought after submarkets: Bucks County and southern New Jersey,” C&W’s John Alascio said. “The portfolio’s strong performance throughout the COVID-19 pandemic is exemplary of the strong and diversified tenant roster, as well as the area’s unprecedented tenant demand.”
Alascio sourced the $69.5 million loan alongside Sridhar Vankayala, Chuck Kohaut, TJ Sullivan and Meredith Donovan, also of C&W’s equity, debt and structured finance team. They noted that each asset in the portfolio provides strong regional accessibility via interstates 95 and 295 and deep labor pools to draw from throughout New Jersey and Eastern Pennsylvania.
“Lenders were highly attracted to the location and functionality of the assets,” Vankayala said. “Natixis provided favorable loan terms which will enable Camber to execute on its thoughtful business plan, optimizing the assets’ ability to continue serving the region’s increasing demand for high-quality light industrial space.”