1200 Madison Ave. in Paterson — Courtesy: Camber Real Estate Partners and Advance Realty
By Joshua Burd
A joint venture has acquired a fully leased, 245,000-square-foot industrial building along Interstate 80 in Paterson, the firms announced this week.
Camber Real Estate Partners and Advance Realty purchased 1200 Madison Ave., also known as the I-80 Distribution Center, for an undisclosed price. The partnership said it plans to hold the asset as a long-term investment after acquiring it from an unnamed seller.
“The property’s location is outstanding, as it sits only 15 miles from Manhattan, directly on a four-way interchange along Interstate 80,” said Dave C. Surti, principal of Camber Real Estate Partners.
With New Jersey’s industrial sector booming, the firms pointed to the property’s strong historical occupancy. It is currently leased to M.Tucker, a division of the food-service equipment distributor Singer NY LLC, and SupplyOne, a national packaging solutions company.
The building features 30-foot ceiling heights and 21 loading positions, as well as ample car and truck parking, Camber and Advance said in a news release. They also touted its proximity to the area’s robust highway network.
“This acquisition represents a rare opportunity to acquire an institutional-quality industrial asset within one of the most sought-after and supply-constrained markets in the United States,” said Alexander Cocoziello, principal and vice president of Advance Realty. “Historically, this building has enjoyed consistently strong occupancy, and we fully expect this trend to continue as the industrial market in New Jersey continues to tighten.”
The acquisition marks the latest collaboration for Camber, a Clifton-based real estate investment management firm, and Bridgewater-based Advance. The former acquires value-add middle-market real estate investments and sponsors the development of industrial, multifamily and retail assets in the New York metropolitan area.
“The I-80 Distribution Center is in an excellent last-mile infill location and we are confident that it will continue to generate durable cash flow and benefit from the area’s superior consumer and labor base,” said Christopher M. Bellapianta, managing principal of Camber.