An aerial view of the buildings at the Pine Brook site. – Camber Real Estate Partners/Advance Realty
A joint venture partnership of Camber Real Estate Partners and Advance Realty has acquired a four-building Pine Brook property, with plans to reposition the light industrial facility, it announced recently.
A source with knowledge of the transaction told ROI-NJ that the 529,110-square-foot property at 19 Chapin Road sold for $52.85 million.
The joint venture said in a news release that the property is currently 60 percent leased to tenants including Samsung Electronics and Pitney Bowes, as well as Trane and Doosan Machine Tools.
Camber and Advance intend to convert portions of the property from offices into further light industrial spaces, hoping to take advantage of the current demand for industrial space in northern New Jersey, they added.
“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,” Dave C. Surti, Camber principal, said in a prepared statement.
The 19 Chapin Road site, built in 2001, is located on 129.4 acres off Route 46 and Interstate 80, within a few miles of interstates 280 and 287.
It could be used for manufacturing, distribution, office or research laboratory purposes, the partnership said.
“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,” Alexander Cocoziello, Advance principal and vice president, said in a statement. “We are pleased to continue our partnership with Camber Real Estate Partners on this best-in-class industrial opportunity.”
HFF’s Jose Cruz, senior managing director and co-head of New Jersey, led a New Jersey Investment Sales team that marketed the property for sale. It included Kevin O’Hearn, Michael Oliver, Stephen Simonelli, Marc Duval and J.B. Bruno. Mortgage financing was arranged by a team led by Greg Nalbandian, senior managing director of HFF’s Equity, Debt and Structured Finance Group. It included Timothy Mason.
Natixis provided the financing.
