Marcus Partners Buys 1.2 MSF Industrial Portfolio
Blackstone provided the acquisition financing.
Marcus Partners has acquired a 1.2 million-square-foot, 25-building light industrial asset collection on 97 acres in Southern New Jersey and Bucks County in Pennsylvania.
Collectively known as Crossings Light Industrial Portfolio, the properties are 95 percent leased to 79 national, local, public and private companies. The portfolio comprises highly functional shallow bay industrial products in supply-constrained infill locations in the Greater Philadelphia market.
“We are believers in light industrial assets in metro-centric locations given their intrinsic attributes: typically, a diverse tenant mix catering to a wide variety of businesses (i.e., light manufacturing, consumer-orientated, etc.), users that are renters by necessity and built-in inflation protection with shorter-term leases in some cases,” Bill McAvoy, principal of Marcus Partners, told Commercial Property Executive.
McAvoy added that in addition to aligning well with these attributes, Crossings Light Industrial Portfolio provided the opportunity to acquire exceptionally well-located assets at a discount to replacement cost.
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The properties’ location spans from Bristol, Pa., down to Logan Township, N.J., with a concentration just south of Delran, N.J., and has immediate or direct access to an expansive regional highway network, a deep labor pool and significant population density and demographics.
Michael Hines, Brad Ruppel, Joe Hill, and Brian Fiumara of CBRE’s National Partners arranged the transaction for Marcus Partners. James Millon, Tom Traynor, Tom Rugg and Mark Finan of CBRE’s Global Institutional Debt Advisory practice arranged acquisition financing for the portfolio from Blackstone.
Montclair, N.J.-based operator Camber Real Estate Partners acquired the portfolio initially in December 2020.
Marcus Partners dealt a Boston portfolio
About a year ago, Marcus Partners sold a six-building, 1.2 million-square-foot industrial portfolio in Greater Boston for $167 million. CBRE negotiated the deal on behalf of the seller and procured the buyer, Westbrook Partners.
Marcus Partners assembled the property collection, called the Boston Metro Logistics portfolio, through a series of acquisitions between 2019 and 2021. During its ownership, the company enhanced the value of the assets through leasing, ground-up developments, renovations and cosmetic improvements.
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