Global real estate investment manager LaSalle Investment Management and Montclair, New Jersey-based Camber Real Estate Partners announced a joint venture partnership to acquire a three-property industrial portfolio totaling over 270,000 square feet on Long Island. The off-market transaction presented a rare opportunity to invest in 100% leased, high-performing infill assets in one of the nation’s most-competitive and supply-constrained logistics corridors.
The portfolio is anchored by two investment-grade tenants representing the global logistics and national defense sectors. Financial terms of the transaction and exact property locations remain undisclosed.
“This acquisition fits our strategy of targeting highly infill industrial assets in supply-constrained markets with strong fundamentals,” said Jeff Shuster, president of LaSalle Value Partners. “This is a unique opportunity to acquire a high-quality industrial portfolio in Long Island benefiting from high barriers to entry, minimal new supply and proximity to one of the nation’s densest consumer populations. We are acquiring the portfolio at an attractive basis below replacement cost with strong investment grade tenancy, and we see meaningful opportunity for value creation as we execute our business plan alongside Camber.”
“The portfolio provides a rare balance of credit-backed income stability and long-term asset strength,” said Camber’s Christopher Bellapianta. “Its functional layout and prime infill locations position the portfolio to perform exceptionally well over time within a highly supply-constrained market.”
The assets are strategically positioned across the following two prime infill submarkets. In the JFK Airport submarket, a nearly 46,000-square-foot facility features 32 loading docks, two drive-in doors, 16-foot clear heights and tremendous parking for the market. Offering loading positions on three sides, it serves as a critical staging facility for inbound air freight and ground distribution across New York City and Long Island.
The South Shore/Suffolk County, New York acquisitions comprise two separate buildings of 100,230 square feet and 124,500 square feet, respectively. The former is equipped with a combination of drive-in and tailgate docks, 20.5-foot clear heights and ample parking. The latter features much of the same, including 28-foot clear heights and generous parking.
The off-market sale was orchestrated by JLL Capital Markets Investment Sales team led by Managing Director Tyler Peck and Senior Managing Directors Andrew Scandalios and John Huguenard.
