PATERSON, NJ—Underscoring the fevered demand for “last-mile” distribution locations in the populous northeastern consumer markets, a joint venture of Camber Real Estate Partners and Advance Realty has acquired the I-80 Distribution Center, 1200 Madison Avenue, Paterson, NJ. The property is a fully-leased, 245,000-square-foot industrial facility situated immediately off Interstate 80.
Terms were not disclosed, but according to Real Capital Analytics, a proprietary research database, the property was last acquired in 2013 by Ivy Equities for $14.9 million, or about $60 per square foot.
Demand for industrial space in this New Jersey submarket is driven by the area's proximity to the Ports and the densely-populated communities of Northern New Jersey and New York City.
“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,” says 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 building features 30-foot ceiling heights and 21 loading positions, as well as ample car and truck parking. Currently 100-percent leased, the asset has experienced strong historical occupancy, and is leased to two tenants: M.Tucker, a Division of Singer NY, one of the largest independent food-service equipment distributors on the eastern seaboard, and SupplyOne, a packaging solutions company.
The property offers immediate proximity to the area's robust highway infrastructure, which allows for convenient access throughout the entire New York Metropolitan Area.
“The property's location is outstanding, as it sits only 15 miles from Manhattan, directly on a four-way interchange along Interstate 80,” says Dave C. Surti, principal of Camber Real Estate Partners.
The partnership plans to hold the asset as a long-term investment.
“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,” says Christopher M. Bellapianta, managing principal of Camber Real Estate Partners.
The project was marketed for sale by Cushman and Wakefield's Metropolitan Area Capital Markets Group, including Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin, and industrial leasing specialist Andrew Siemsen.
Cushman & Wakefield's Equity Debt and Structured Finance Group, headed by John Alascio, and including Sridhar Vankayala and Noble Carpenter III, arranged the financing. Mortgage financing was provided by Hamilton, NJ-based First Bank.
PATERSON, NJ—Underscoring the fevered demand for “last-mile” distribution locations in the populous northeastern consumer markets, a joint venture of Camber Real Estate Partners and Advance Realty has acquired the I-80 Distribution Center, 1200 Madison Avenue, Paterson, NJ. The property is a fully-leased, 245,000-square-foot industrial facility situated immediately off Interstate 80.
Terms were not disclosed, but according to Real Capital Analytics, a proprietary research database, the property was last acquired in 2013 by Ivy Equities for $14.9 million, or about $60 per square foot.
Demand for industrial space in this New Jersey submarket is driven by the area's proximity to the Ports and the densely-populated communities of Northern New Jersey and
“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,” says 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 building features 30-foot ceiling heights and 21 loading positions, as well as ample car and truck parking. Currently 100-percent leased, the asset has experienced strong historical occupancy, and is leased to two tenants: M.Tucker, a Division of Singer NY, one of the largest independent food-service equipment distributors on the eastern seaboard, and SupplyOne, a packaging solutions company.
The property offers immediate proximity to the area's robust highway infrastructure, which allows for convenient access throughout the entire
“The property's location is outstanding, as it sits only 15 miles from Manhattan, directly on a four-way interchange along Interstate 80,” says Dave C. Surti, principal of Camber Real Estate Partners.
The partnership plans to hold the asset as a long-term investment.
“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,” says Christopher M. Bellapianta, managing principal of Camber Real Estate Partners.
The project was marketed for sale by Cushman and Wakefield's Metropolitan Area Capital Markets Group, including Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin, and industrial leasing specialist Andrew Siemsen.
Cushman & Wakefield's Equity Debt and Structured Finance Group, headed by John Alascio, and including Sridhar Vankayala and Noble Carpenter III, arranged the financing. Mortgage financing was provided by Hamilton, NJ-based
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
