A joint venture between real estate firms Camber Real Estate Partners and Advance Realty recently announced it has acquired a 254,000-square-foot industrial facility in Paterson immediately off of I-80.
The property is 100 percent leased to M Tucker and SupplyOne.
“The property’s location is outstanding, as it sits only 15 miles from Manhattan, directly on a four-way interchange along Interstate 80,” Dave Surti, Camber Real Estate Partners principal, said.
The partners said they plan to hold the asset, located at 1200 Madison Ave., as a long-term investment.
Cushman & Wakefield’s Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt, Ryan Larkin and Andrew Siemsen marketed the property.
“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,” Alexander Cocoziello, Advance vice president and principal said. ““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.”
Financial terms were not disclosed.