Camber Real Estate Scores $89M for Industrial Portfolio

2115 High Hill Road in Bridgeport, N.J.

Camber Real Estate Partners has obtained $89.1 million in refinancing funds for the Crossings Industrial Portfolio, a 25-building, 1.2 million-square-foot portfolio in New Jersey and Pennsylvania. Cushman & Wakefield secured the floating-rate loan from Natixis.

Camber purchased the portfolio at the end of 2020, in a partnership with AIG. Natixis financially backed that acquisition deal as well, with a $69.5 million loan due to mature in 2031.

The warehouse and light industrial assets are located in Delran, Bridgeport, Evesham, Cinnaminson and Mount Laurel, N.J., as well as Bristol, Pa. Each building has regional access through interstates 95 and 295. Since the acquisition, the ownership has brought occupancy from 90 percent to over 99 percent with more than 40 leasing deals.

READ ALSO: Industrial Leasing Reaches Record Volumes

Records indicate that some of the properties involved in the portfolio include:

• the 66,000-square-foot 501 Sharptown Road in Swedesboro, N.J.;
• the 156,120-square-foot 200 Rittenhouse Circle in Bristol, Pa.;
• the 188,533-square-foot 2115 High Hill Road in Bridgeport, N.J.;
• the 57,680-square-foot  2079 Center Square Road, also in Bridgeport.

Cushman & Wakefield’s John Alascio, Chuck Kohaut and TJ Sullivan represented the borrower. The same brokerage team arranged more than $227 million in construction financing for the third phases of two large industrial projects in the metro areas of New Jersey and Philadelphia.

New Jersey, an industrial hotspot

New Jersey’s industrial market has seen increased activity since the beginning of 2022, in both acquisitions and developments. Furthermore, the area has witnessed industrial rents increased by 7.4 percent year-over-year as of August, according to a recent CommercialEdge report.

In one of the market’s more significant transactions of the third quarter, Bridge Logistics Properties purchased a two-building industrial property totaling 170,000 square feet in Linden, N.J., from Embee Associates. The buyer financed the acquisition with a $94.5 million loan from Prudential Financial Insurance Co.

Also in New Jersey, L’Oréal is set to open a new $140 million research and innovation center in Clark, N.J. Operations are anticipated to begin in 2024.