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.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
