Montville Corporate Center III, 19 Chapin Road, Pine Brook (Montville), NJ

PINE BROOK, NJ—A Camber Real Estate Partners/Advance Realty joint venture has acquired the Montville Corporate Center III, a four-building, 529,110-square foot light industrial facility located at 19 Chapin Road in Pine Brook (Montville), NJ.

The partnership declined to disclose the purchase price, but sources familiar with the transaction suggest the deal closed just under $53 million. The property last changed hands for $57.8 million in August 2010, when AEW Global acquired it from KDM Realty, according to Real Capital Analytics, a proprietary research database. At that time the property was 86-percent occupied.

Camber and Advance plan to convert some portions of the property from offices into light industrial use, allowing it to capitalize on the robust demand for industrial space driven by Northern New Jersey's access to nearby ports and densely populated communities throughout the region. The partnership plans to reposition the asset and hold it as a long-term investment.

“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,” says Dave C. Surti, principal of Camber Real Estate Partners.

Prominently located immediately off U.S. Route 46 and Interstate 80, the property is approximately two miles from Interstate 280 and less than five miles from Interstate 287, allowing for convenient access to the entire New York metropolitan area.

“This property offers our partnership another rare opportunity to acquire an institutional-quality asset in the supply-constrained Northern New Jersey market,” says Christopher M. Bellapianta, managing principal of Camber Real Estate Partners. “The property has a strong mix of tenants, and we look forward to adding new companies to its roster as we complete the repositioning and ensure its long-term success.”

The facility is currently 60-percent leased to a mix of tenants including credit rated national electronics and e-commerce corporations such as Samsung Electronics and Pitney Bowes, and regional, national and international firms such as Trane and Doosan Machine Tools.

19 Chapin Road is situated on 129.4 landscaped acres and features 22-foot ceilings within the warehouse space. A variety of potential office configurations make it suitable for an array of manufacturing, distribution, office and research laboratory uses.

“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,” says Alexander Cocoziello, principal and vice president of Advance Realty. “We are pleased to continue our partnership with Camber Real Estate Partners on this best-in class industrial opportunity.”

The project was marketed for sale by the New Jersey investment sales team of Holliday Fenoglio Fowler, led by José Cruz, senior managing director and co-head of New Jersey, with Kevin O'Hearn, Michael Oliver, Stephen Simonelli, Marc Duval and J.B. Bruno.

Greg Nalbandian, senior managing director of HFF's Equity, Debt and Structured Finance Group arranged mortgage financing with a team including Timothy Mason. The financing was provided by Natixis, which originated a $40 million floating-rate loan concurrent with the acquisition.

Instant Insights /

Camber and Advance JV Will Reposition Montville Corporate Center

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