JLL closes sale of a 4-building industrial portfolio in Morris County, New Jersey
The core-plus light industrial portfolio is 93.7% leased
MORRISTOWN, N.J., July 25, 2019 – JLL announces that it has closed the recent sale of 19 Chapin Road, a four-building, core-plus light industrial portfolio totaling 529,110 square feet in the Morris County community of Montville Township, New Jersey.
JLL marketed the property on behalf of the seller, partnership between Camber Real Estate Partners and Advance Realty Investors. A partnership comprising Cohen Asset Management, Inc. and Intercontinental Real Estate Corporation purchased the asset.
19 Chapin Road is 93.7% leased to a diverse mix of 11 local and international corporations spanning industries such as light manufacturing, aerospace and defense, shipping and healthcare services. Completed between 1999 and 2000, the rear-loading buildings offer 88 total loading positions, including 76 dock-high doors and 12 drive-in doors; clear heights ranging from 20 to 22 feet; and ample car parking. Located on 129 acres along US Route 46, 19 Chapin Road is approximately two miles from the intersection of Interstates 80 and 280 and less than five miles from Interstate 287, which, together, provide access across New Jersey and into New York, Pennsylvania and Delaware. Additionally, Newark Liberty International Airport and the Port of New York and New Jersey are both 23 miles from the property.
The JLL Capital Markets team representing the seller included senior managing director Jose Cruz and directors Marc Duval and Jordan Avanzato.
“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.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Camber Real Estate Partners
Camber Real Estate Partners is a New Jersey-based real estate investment management company that acquires value-add middle-market real estate investments and sponsors the development and repositioning of industrial, multifamily and retail assets in the New York Metropolitan Area. The firm’s management team has over 30 years of experience investing in its target markets through multiple cycles having acquired over 7.5 million square feet encompassing approximately $2.2 billion in total capitalization. For more information please visit www.CamberREP.com.
About Advance Realty Investors
Advance Realty Investors is a privately-owned real estate investment, development and management company that has been in business for over 40 years. Advance owns, manages or has invested in a diversified, 15-million-square-foot portfolio across all asset classes. The company actively pursues real estate investments in residential, industrial, mixed-use and Class A office properties that enhance value through development, repositioning and redevelopment. Advance Realty is one of New Jersey’s most well-respected owner/operator/ developers in the Northeast Corridor. Visit www.advancere.com for more information.
About Cohen Asset Management, Inc.
Cohen Asset Management, Inc. (CAM) is a private real estate investment firm that is headquartered in Southern California with a regional office in Northern New Jersey. Focusing primarily on the industrial sector, CAM has an established history as a prominent, active owner-operator of industrial real estate in several markets spanning several decades. The team of seasoned real estate professionals creates value for CAM’s investors by establishing mutually rewarding relationships within the real estate community, primarily with brokers, tenants, sellers and, ultimately, the buyers of our real estate when CAM monetizes investments. Visit http://www.cohenasset.com to learn more.
About Intercontinental Real Estate Corporation
Intercontinental Real Estate Corporation is an SEC Registered Investment Adviser with decades long experience in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have managed, developed, or owned collectively over $10 billion in real estate property. Today, Intercontinental manages a real estate portfolio of approximately $8.5 billion for its clients. The Intercontinental portfolio is diversified both by robust property mix and by geography. Fund strategies actively seek opportunities to invest in both core and core-plus properties, as well as in value-add development projects. For more information, visit https://www.intercontinental.net.