19 Chapin Road in Montville — Courtesy: JLL
By Joshua Burd
A joint venture has sold more than 500,000 square feet of light industrial space in Morris County, closing the deal less than two years after acquiring the four-building portfolio.
Brokers with JLL announced that they represented the sellers, Camber Real Estate Partners and Advance Realty Investors, in the transaction at 19 Chapin Road in Montville. A partnership of Cohen Asset Management Inc. and Intercontinental Real Estate Corp. purchased the 529,110-square-foot portfolio for an undisclosed price.
The JLL capital markets team included Senior Managing Director Jose Cruz, directors Marc Duval and Jordan Avanzato and Associate J.B. Bruno.
“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,” Cruz said, noting that the portfolio is nearly 94 percent leased.
The 129-acre complex is home to 11 local and international corporations, which span industries such as light manufacturing, aerospace and defense, shipping and health care services, according to a news release. Completed between 1999 and 2000, the rear-loading buildings offer 88 total loading positions, including 76 dock-high doors and 12 drive-in doors, along with clear heights ranging from 20 to 22 feet and ample car parking.
The property sits along Route 46, offering easy access to interstates 80, 280 and 287, JLL said.
Camber and Advance acquired the portfolio in fall 2017.
Camber, Advance acquire 529,000 sq. ft. complex off Route 46 for $53 million
