JLL announced Thursday it has closed on the sale of a four-building, light industrial portfolio in Montville Township.
The portfolio at 19 Chapin Road totals 529,110 square feet, JLL said.
JLL’s Capital Markets team of Jose Cruz, senior managing director; and Marc Duval and Jordan Avanzato, directors; marketed the property on behalf of the seller, a partnership between Camber Real Estate Partners and Advance Realty Investors. A partnership between Cohen Asset Management Inc. and Intercontinental Real Estate Corporation purchased the asset.
“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.
The portfolio is 93.7% leased to 11 different local and international tenants spanning industries including light manufacturing, aerospace and defense, shipping, and health care.
19 Chapin Road offers amenities such as 76 dock-high doors and 12 drive-in doors; ceilings heights ranging from 20 to 22 feet; and ample parking. The property is within close access to routes 46 and 19 and Interstate 287.