19 Chapin Road in Pine Brook — Courtesy: Newmark Knight Frank
By Joshua Burd
A manufacturer has renewed its 65,000-square-foot lease at a Morris County industrial building, under a newly completed transaction by Newmark Knight Frank.
Brokers with the firm represented the tenant, Doosan Machine Tools, in its new commitment at 19 Chapin Road. Owned by Cohen Asset Management, the property is home to lab, warehouse, showroom and executive office space for the global producer of computer-guided turning and milling machines.
NKF Senior Managing Director Kevin Murphy and Associate Director Trevor Patterson completed the assignment.
“This long-term lease renewal is the latest transaction that reinforces New Jersey’s industrial markets as one of the most in-demand in the country,” Murphy said. “Despite this market’s industrial space vacancy rates being in the low single digits, we were still able to secure a competitive financial package for Doosan to remain in their space.”
In a news release, NKF said 19 Chapin Road is part of a light industrial park off Route 46. The brokerage team touted its functional high-bay profile, privacy and easy access to highways such as interstates 280, 80 and 287, with a warehouse consisting of 20- to 22-foot clear ceiling heights, 76 dock-high doors and 12 drive-in doors.
Doosan Machine Tools, which makes what’s known as computer numerical control turning and milling machines, serves the metalworking community that produces high-precision parts with relevant information about the latest machine tool technology and solutions, NKF said.