19 Chapin Road, Montviille Parish, NJ
MONTVILLE TOWNSHIP, NJ – After acquiring the 500,000-square-foot light industrial complex less than two years ago, the partnership of Camber Real Estate Partners and Advance Realty Investors sold 19 Chapin Road.
Camber-Advance Realty sold the four-building complex with a total area of 529,110 square meters to a partnership consisting of Cohen Asset Management, Inc., based in Los Angeles, and Intercontinental Real Estate Corporation, Boston. No financial details of the transaction were disclosed.
The JLL Capital Markets team, representing the seller who acquired the property in November 2017, included JLL's Senior Managing Director, Jose Cruz, and Directors Marc Duval and Jordan Avanzato. The transaction was secured by Holliday Fenoglio Fowler LP before the company was acquired by JLL on July 1, 2019.
19 Chapin Road is 93.7% leased to a diverse mix of 11 local and international companies spanning industries such as light, aerospace and defense, shipping, and healthcare. The rear loading buildings, which were completed between 1999 and 2000, offer a total of 88 loading positions, including 76 dock-high doors and 12 entrance doors. clear heights of 20 to 22 feet; and plenty of parking. Located on 129 acres along US Route 46,
The property is approximately two miles from the intersection of Interstates 80 and 280 and less than eight kilometers from Interstate 287, which together provide access to New Jersey and into New York, Pennsylvania and Delaware. In addition, Newark Liberty International Airport and the Port of New York and New Jersey are both 23 miles from the property.
"We continue to see very strong demand from the investment community for industrial products in northern New Jersey, and it is for this asset that the location and tenant mix has helped drive prices up," said Cruz of JLL.
The acquisition of 19 Chapin increases Cohen Asset Management's presence in the Fairfield / Pine Brook, NJ submarket to 11 buildings, approximately 1.3 million square feet.
Jason Haas, EVP and COO of Cohen Asset Management, upon announcing the deal earlier this month, stated, “We are excited that with this acquisition we will continue to expand our industrial presence in the New Jersey market and continue to aggressively seek real estate opportunities that have superior locations and capabilities for the markets they serve. "
He added, “With this acquisition, CAM controls the majority of the premium industrial space in the Fairfield / Pine Brook submarket and is the latest example of our ability to bring well-located prime industrial real estate to life and close submarkets. "
Since 2012, Cohen has acquired more than 5 million square feet of commercial real estate in the New Jersey / New York market.