A joint venture partnership between Camber Real Estate Partners and Advance Realty announced that it has acquired a four-building, 529,110-square foot light industrial facility located at 19 Chapin Road in Pine Brook.
Prominently located immediately off U.S. Route 46 and Interstate 80, the property is approximately two miles from Interstate 280 and less than five miles from Interstate 287, allowing for convenient access to the entire New York metropolitan area.
The facility is currently 60 percent leased to a mix of tenants including credit rated national electronics and e-commerce corporations such as Samsung Electronics and Pitney Bowes, as well as regional, national and international firms such as Trane and Doosan Machine Tools. Camber and Advance plan to convert some portions of the property from offices into light industrial use, allowing it to capitalize on the robust demand for industrial space driven by Northern New Jersey’s access to nearby ports and densely populated communities throughout the region.
“The property is one of the premier light industrial assets in Northern New Jersey and is situated in a location that is desirable to both global and national companies and regionally headquartered users,” stated Dave C. Surti, Principal of Camber Real Estate Partners.
Constructed in 2001, 19 Chapin Road is situated on 129.4 landscaped acres and features 22-foot ceilings within the warehouse space. A variety of potential office configurations make it suitable for an array of manufacturing, distribution, office and research laboratory uses.
“The property’s proximity to executive housing, as well as its access to an abundant and well-educated labor force enhances its profile as a desirable industrial asset in Northern New Jersey,” said Alexander Cocoziello, Principal and Vice President of Advance Realty. “We are pleased to continue our partnership with Camber Real Estate Partners on this best-in class industrial opportunity.”
The partnership plans to reposition the asset and hold it as a long-term investment.
“This property offers our partnership another rare opportunity to acquire an institutional-quality asset in the supply-constrained Northern New Jersey market,” stated Christopher M. Bellapianta, Managing Principal of Camber Real Estate Partners. “The property has a strong mix of tenants, and we look forward to adding new companies to its roster as we complete the repositioning and ensure its long-term success.”
The project was marketed for sale by the New Jersey Investment Sales team of Holliday Fenoglio Fowler, L.P. (“HFF”). The team was led by Jose Cruz, Senior Managing Director and Co-Head of New Jersey and included Kevin O’Hearn, Michael Oliver, Stephen Simonelli, Marc Duval and J.B. Bruno.
Greg Nalbandian, Senior Managing Director of HFF’s Equity, Debt and Structured Finance Group arranged mortgage financing with a team including Timothy Mason. The financing was provided by Natixis who originated a $40.0 million floating-rate loan concurrent with the acquisition.Related Articles: