Burlington County, NJ Camber Real Estate Partners (Camber), in partnership with Invesco Real Estate, the $85 billion global real estate investment business of Invesco Ltd. (NYSE: IVZ), has acquired a five-building industrial portfolio totaling 384,335 s/f. The portfolio consists of highly functional buildings situated within the NJ Turnpike Exit 5 Exchange.
Originally developed by Whitesell, the portfolio properties include 6 Berry Dr. in Hainesport, along with 110, 120, 130 and 140 Mount Holly Bypass in Lumberton, just 20 miles east of Philadelphia. Tenanted by a variety of industrial users, each building is part of a business-park environment offering prominent visibility and frontage. The modern warehouse spaces feature 30+-foot-clear ceiling heights and proximity to major transportation hubs via the New Jersey Turnpike and I-295.
"Shallow bay industrial product is continuing to perform well, especially in last-mile locations along the Northeast Corridor,” said Chris Bellapianta, Camber managing principal. “This acquisition represents a unique opportunity to invest in a high-growth region with unparalleled accessibility, a strong labor pool and modern industrial assets that meet the evolving needs of today’s tenants. We are thrilled to partner with Invesco Real Estate on this exciting acquisition.”
The investment is the first under the firm’s new director of acquisitions Kevin Interlicchio, who joined Camber last September and is responsible for shaping the firm’s acquisitions strategy and sourcing new investments. Prior to joining Camber, Interlicchio held the position of vice president at PGIM Real Estate, where he played an instrumental role in executing industrial transactions totaling over 42.7 million square feet.
"As a region on the rise, Burlington County has come full circle with regard to the movement of goods,” said Darren Xu, director, Invesco Real Estate. “While the area had once been the center of all things manufacturing and shipping in the 19th Century, it has now cast itself as a critically important last-mile logistics hub. This is due in large part to the recent widening of the NJ Turnpike between Exits 6 and 9, rendering it the nexus of the New Jersey and Pennsylvania Turnpikes.”
According to Interlicchio, Camber’s latest acquisition aligns with its value-add investment strategy of middle-market infill light-industrial assets in select East Coast markets. “By targeting these types of opportunities, Camber is generating durable cash flow for its investors while realizing the intrinsic value of the assets through a repositioning strategy,” he said.
Michael Hines, Joe Hill and Brad Ruppel of CBRE National Partners represented the seller in the transaction.
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