60 Chapin Road in Pine Brook — Courtesy: Cushman & Wakefield
By Joshua Burd
Camber Real Estate Partners has landed nearly $25 million in financing for its purchase of an industrial building in Morris County, brokers with Cushman & Wakefield announced.
Located in the Pine Brook section of Montville, the property at 60 Chapin Road spans 259,230 square feet and is fully leased, according to C&W. Montclair-based Camber acquired the building from an undisclosed tenant, with Voya Investment Management providing the three-year, $24.875 million loan.
Cushman’s John Alascio, Chuck Kohaut, TJ Sullivan and John Spreitzer represented the borrower.
“60 Chapin Road is located in one of the most in-demand industrial markets in the country,” Alascio said. “Combined with a best-in-class institutional sponsorship, the property drew significant lender interest that helped us to achieve highly competitive financing terms for this exciting acquisition.”
In a news release, the brokerage team said 60 Chapin has 24-foot clear ceiling heights, ample parking and loading positions, private tenant entrances, full-building circulation and six points of ingress and egress. It’s less than three miles from interstates 80 and 280 and Route 46, providing access to Morris County’s affluent consumer base and access to more than 11 million consumers within a one-hour drive.
“The 60 Chapin Road acquisition is an excellent representation of real estate Camber seeks to own,” said Dave C. Surti, principal with the firm. “The intersection of quality, functionality and accessibility will allow us meet surging market demand.”
