1 Electronics Drive in Hamilton — Courtesy: Saxum Real Estate
By Joshua Burd
Saxum Real Estate and Meadow Partners have acquired some 80,000 square feet of industrial space on 16 acres in Hamilton, seeking to capture demand from shallow‐bay and flex users.
The joint venture on Thursday announced the deal, terms of which were not disclosed, noting that the property at 1 Electronics Drive is 72.8 percent leased to three tenants. It also has 530 existing parking spaces and excess land providing the option for future development, they said, as they’ll now look to reposition and market the available space in the building after acquiring it from BTR Capital Group.
JLL’s Marc Duval, Jordan Avanzato, Nicholas Stefans and Jason Lundy represented the seller and arranged equity for the transaction, while the firm’s Michael Klein, Tom Didio Jr. and Salvatore Buzzerio arranged financing. Ownership has engaged Zimmel Associates as leasing agent to market the remaining vacancy.
“Saxum and Meadow recognize the current availability for shallow‐bay light industrial users throughout New Jersey remains scarce and view 1 Electronics as the ideal property to capture that demand,” said Steve Feinberg, director of investments for industrial for Summit-based Saxum. “We are excited to leverage Saxum’s fully integrated platform to execute this value‐add business plan and establish a new partnership with Meadow.”
The firms said the location of the 80,420-square-foot, single‐story flex industrial building would likely appeal to users seeking access to both Philadelphia and New York City, as well as Princeton. The facility supports a range of uses including logistics, life sciences and research and development, while the area provides a distinctive combination of affluent neighborhoods adjacent to pockets of historically blue‐collar residential areas.
“Originally constructed as a manufacturing facility, 1 Electronics Drive represents an excellent opportunity to convert the property back to its historical use at an attractive cost‐basis,” said Jeffrey Kaplan, founder and managing partner of Meadow Partners. “We are thrilled to partner with Saxum to capitalize on significant tenant demand in the shallow‐bay industrial sector.”
