19 Chapin Road, Montviille Township, NJ
MONTVILLE TOWNSHIP, NJ—After acquiring the more than 500,000-square-foot light industrial complex less than two years ago, the partnership of Camber Real Estate Partners and Advance Realty Investors has sold 19 Chapin Road.
The Camber-Advance Realty venture sold the four-building complex totaling 529,110 square feet to a partnership comprised of Los Angeles-based Cohen Asset Management, Inc. and Intercontinental Real Estate Corporation of Boston. No financial details of the transaction were disclosed.
The JLL Capital Markets team representing the seller, which had acquired the property in November 2017, included JLL senior managing director Jose Cruz and directors Marc Duval and Jordan Avanzato. The transaction was secured by Holliday Fenoglio Fowler LP prior to the firm being acquired by JLL on July 1, 2019.
19 Chapin Road is 93.7% leased to a diverse mix of 11 local and international corporations spanning industries such as light manufacturing, aerospace and defense, shipping and healthcare services. Completed between 1999 and 2000, the rear-loading buildings offer 88 total loading positions, including 76 dock-high doors and 12 drive-in doors; clear heights ranging from 20 to 22 feet; and ample car parking. Located on 129 acres along US Route 46,
The property is located approximately two miles from the intersection of Interstates 80 and 280 and less than five miles from Interstate 287, which, together, provide access across New Jersey and into New York, Pennsylvania and Delaware. Additionally, 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 product in Northern New Jersey, and, specifically for this asset, the location and tenant mix helped to drive pricing,” JLL's Cruz says.
The acquisition of 19 Chapin increases Cohen Asset Management's presence in the Fairfield/Pine Brook, NJ submarket to 11 buildings comprised of approximately 1.3 million square feet.
Jason Haas, EVP and COO of Cohen Asset Management, stated when it announced the deal earlier this month, “We are excited as we continue to expand our industrial footprint in the New Jersey marketplace with this acquisition, and we will continue to aggressively seek opportunities to acquire properties that possess superior locations and functionality for the markets they serve.”
He added, “With this acquisition CAM controls the majority of the high-quality industrial space in the Fairfield/Pine Brook submarket and is the latest example of our capabilities in sourcing and closing well-located best-in-class industrial properties in vibrant infill submarkets.”
Since 2012, Cohen has acquired more than 5 million square feet of industrial property in the New Jersey/New York market.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
