A newly acquired portfolio by Camber Real Estate Partners and PGIM Real Estate includes seven buildings spanning 745,270 square feet of industrial space across the greater Baltimore region. — Courtesy: Camber/PGIM
By Joshua Burd
Camber Real Estate Partners and PGIM Real Estate have made a new acquisition outside New Jersey, adding more than 745,000 square feet of industrial space in the Baltimore region.
The firms say the portfolio, which comprises seven buildings, is home to 17 individual users across a diverse mix of industries and provides what it described as a stable, multitenant income stream. Equally attractive was the ability to add coveted light industrial and shallow-bay properties in an area with high barriers to entry, the joint venture said, noting that the buildings are in the Maryland communities of Halethorpe, Jessup, Middle River, Rosedale and Baltimore.
Terms of the sale were not disclosed.
“This acquisition represents a significant expansion of our footprint in the Mid-Atlantic region,” said Christopher M. Bellapianta, managing principal of Montclair-based Camber. “Drawn by the Baltimore industrial market’s incredible resilience and growth, this joint venture acquisition demonstrates our focus on securing high-quality, infill assets in one of the most supply-constrained corridors on the East Coast. We look forward to applying our hands-on management approach to further enhance the value of these properties.”
Camber and PGIM, an affiliate of Newark-based Prudential Financial, paid an undisclosed price for the 745,270-square-foot portfolio, which provides immediate access to major transportation infrastructure, including interstates 95, 695 and 895, offering tenants seamless connectivity to the Port of Baltimore and the broader Northeast Corridor. Newmark’s Cris Abramson, Ben McCarty, Nick Signor, Henry Pleszkoch and Sam Slater represented the private seller.
“We are pleased to partner with Camber Real Estate Partners on this transaction,” said Ian Christ, managing director at PGIM. “This portfolio aligns with our strategy of investing in functional industrial assets located in logistics hubs with strong demand drivers. The greater Baltimore area serves as a critical link in the East Coast supply chain, and these assets are well-positioned to benefit from the region’s long-term economic fundamentals.”
Camber’s Kevin Interlicchio, director of acquisitions, added: “The diversity of the tenant base and the flexible configurations of these buildings make this an exceptional addition to our portfolio. These assets are designed to meet the needs of modern users who require functional loading, ample parking and proximity to a dense population base. We are excited about integrating these buildings into our platform.”
