Leading developers plan to reposition four-building, 529,110-SF light industrial facility
A joint venture partnership between CamberReal Estate Partnersand Advance Realty announced today that it has acquired a four-building,529,110-squarefoot light industrial facility located at 19 Chapin Road in Pine Brook, N.J.
Prominently located immediately off U.S.Route 46 and Interstate 80, the property is approximately two miles from Interstate 280 and less than five milesfrom Interstate 287, allowing for convenient access to the entire New York metropolitan area.
The facility is currently 60 percent leased to a mix oftenants including credit ratednational electronics and e-commerce corporations suchas Samsung Electronics and PitneyBowes, as well as regional, national andinternational firms such as Traneand 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 on129.4 landscaped acres and features22-foot ceilingswithin the warehouse space. A variety of potential officeconfigurations make it suitable for an array of manufacturing,distribution, office and research laboratory uses.
“Theproperty’s proximity to executive housing, as well as itsaccess toan abundant and well-educated laborforce enhances its profile as a desirable industrial assetin Northern New Jersey,” said Alexander Cocoziello, Principal and Vice President of Advance Realty. “We are pleased tocontinue 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 bythe New Jersey Investment Sales team ofHolliday 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 Duvaland J.B. Bruno.
Greg Nalbandian, Senior Managing Director of HFF’s Equity, Debt and Structured Finance Grouparranged mortgage financingwith a team including Timothy Mason. The financing was provided by Natixis who originated a $40.0 million floating-rate loan concurrent with the acquisition.
About CamberReal Estate Partners
CamberReal Estate Partnersis aNew Jersey based real estate investment management company that acquires value-add middle-market real estate investments and sponsors the development of industrial, multifamily and retail assets in the New York Metropolitan Area.The firm’s management team has over 30 years of experience investing in its targetmarkets through multiple cycles having acquired over 6.5 million square feet encompassing approximately $2.0 billion in total capitalization. For more information please visit www.CamberREP.com
About Advance RealtyAmong real estate’s most reputable and successful companies, Advance Realty has established itself as one of the industry’s most innovative and forward-thinking firms. Since 1979, Advance has continuously evolved to meet changing market demands by leveraging the creativity and collective knowledge of its team of world-class professionals, while remaining true to its commitment to responsible development. Headquartered in Bridgewater, New Jersey, Advance employs a multifaceted strategy, actively pursuing real estate investments in commercial, residential, industrial, retail and mixed-use projects that present an opportunity to enhance value through development, repositioning and redevelopment. The company currently owns, manages or has invested in a diverse, 10-million-square-foot portfolio of properties across all asset classes throughout the Northeast Corridor. For more information, visit www.advancere.com.
