19 Chapin Road in Pine Brook — Courtesy: Camber Real Estate Partners and Advance Realty
By Joshua Burd
Two new tenants are set to join a four-building, 529,110-square-foot light industrial complex in Pine Brook, owners Camber Real Estate Partners and Advance Realty announced.
The landlords did not disclose the names of the new tenants at the property, 19 Chapin Road, but said they leased a combined 55,000 square feet. The announcement comes five months after Camber and Advance acquired the complex off Route 46 and Interstate 80, where they are now in the midst of a long-term repositioning.
“These two large leases are indicative of the significant progress we have made at 19 Chapin Road since acquiring it last year, and the tremendous interest we continue to receive from prospective tenants,” said Peter J. Cocoziello, CEO and president of Advance Realty. “The strong demand for industrial space in this region and the desirability of this property have allowed us reach agreements for 55,000 square feet of space in just four months, and we look forward to welcoming other businesses into the small amount of space still available.”
The property was built in 2001 and sits on more than 129 acres, featuring 22-foot ceilings within the warehouse space, the firms said within a news release. Their vision for the four-building campus includes the conversion of some office space for light industrial use, which will allow the property to capitalize on its location and proximity to major highway infrastructure, nearby seaports and densely populated communities throughout the region.
The owners also touted a variety of potential office configurations that would make it suitable for manufacturing, distribution, office and research laboratory uses.
“We acquired 19 Chapin Road knowing that it would be attractive to a wide range of global and national companies, and our robust leasing activity is a testament to its appeal,” said Dave C. Surti, principal of Camber Real Estate Partners. “Whether a business is seeking state-of-the-art flex space or a facility that will allow them to manufacture and distribute products across the country, this property continues to establish its place among the premier light industrial assets in the region.”
The owners also noted that 19 Chapin Road is some two miles from Interstate 280 and less than five miles from Interstate 287.