By Joshua Burd
Marcus Partners has acquired an interest in a 25-building, 1.2 million-square-foot light industrial portfolio in South Jersey and Pennsylvania.
The Boston-based real estate investor, manager and developer announced Wednesday that it has teamed with Camber Real Estate Partners, which has owned the properties since December 2020, in a deal whose terms were not disclosed. The firms noted that the portfolio occupies a combined 97.29 acres and includes nearly 1.1 million square feet of space in New Jersey, including more than 314,000 square feet in Logan Township and some 261,000 square feet around six properties on Underwood Boulevard in Delran.
They added that the properties are 95 percent leased to 79 national, local, public and private companies, thanks in large part to their immediate or direct access to an expansive regional highway network, a deep labor pool and significant population density and demographics, Marcus said. Nearly
“As we increase our industrial holdings in this region, this portfolio completes a geographic void in the Boston to Virginia corridor while providing downside protection and opportunity for our investors,” said David Fiore, principal and metro New York regional director for Marcus Partners.
CBRE’s Michael Hines, Brad Ruppel, Joe Hill and Brian Fiumara arranged the transaction for Marcus Partners, while James Millon, Tom Traynor, Tom Rugg and Mark Finan of the firm’s global debt advisory practice arranged acquisition financing for the portfolio from Blackstone.
“This deal was especially attractive given the portfolio’s stable, diversified rent roll, attractive cost basis, the ability to implement a variety of value-add strategies and the opportunity to partner with Camber Real Estate Partners for whom we have great respect,” said Bill McAvoy, a Marcus Partners principal, who worked alongside Senior Vice President Todd Minerley to complete the acquisition.
Montclair-based Camber’s acquisition of the portfolio in 2020 gave way to more than 40 lease transactions that increased occupancy from 90 to more than 99 percent by fall 2022. At that time, the firm refinanced the properties for $89.1 million under a deal arranged by Cushman & Wakefield.
The debt placement team said at the time that the portfolio spans Delran, Bridgeport, Evesham, Cinnaminson and Mount Laurel in New Jersey and Bristol, Pennsylvania
“Crossings Light Industrial Portfolio is comprised of highly functional shallow bay industrial product in supply constrained infill locations in the Greater Philadelphia market,” said Dave Surti, principal of Camber Real Estate Partners. “We are thrilled to partner with Marcus Partners to realize the portfolio’s intrinsic value.”
C&W: Camber secures $89 million refi for South Jersey, Bucks County industrial portfolio
