An aerial view of 19 Chapin Road in Pine Brook — Courtesy: Camber Real Estate Partners and Advance Realty
By Joshua Burd
A joint venture has acquired a four-building, 529,110-square-foot industrial and office complex in Morris County, with plans to reposition the campus to tap into the continued demand for warehouse and distribution space.
Camber Real Estate Partners and Advance Realty announced the acquisition of 19 Chapin Road in the Pine Brook section of Montville. Located immediately off Route 46 and Interstate 80, the property is about two miles from Interstate 280 and less than five miles from Interstate 287, allowing for convenient access to the entire New York metropolitan area.
Terms were not disclosed, but a source familiar with the transaction said the price was nearly $53 million.
In a news release, the buyers said 19 Chapin Road is currently 60 percent leased to a mix of tenants including Samsung Electronics and Pitney Bowes, along with regional, national and international firms such as Trane and Doosan Machine Tools. They now plan to convert some portions of the property from offices to light industrial use, allowing them to capitalize on northern New Jersey’s booming industrial market.
“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,” said Dave C. Surti, principal of Camber Real Estate Partners.
Built in 2001, 19 Chapin Road sites on about 129 landscaped acres and features 22-foot ceilings within the warehouse space, the news release said. The joint venture said the complex allows for several potential office configurations, making it suitable for different 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.”
An HFF team led by Jose Cruz and including Kevin O’Hearn, Michael Oliver, Stephen Simonelli, Marc Duval and J.B. Bruno marketed the property on behalf of the seller. Greg Nalbandian of HFF’s Equity, Debt and Structured Finance Group arranged mortgage financing with a team including Timothy Mason, securing a $40 million floating-rate loan from Natixis that was concurrent with the acquisition.
After repositioning the complex, the new owners plan to 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,” said 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.”