AEW Sells NJ Industrial Complex for $53M
- Nov 22, 2017
A joint venture between Camber Real Estate Partners and Advance Realty has acquired a four-building light industrial campus in Pine Brook, N.J. AEW Capital Management sold the assets for $52.9 million.
The buildings total 530,000 square feet and were built between 1998 and 2001. Amenities include 22-foot ceiling heights, 76 dock doors, 12 drive-in doors, new roofs and ample parking. Additionally, the assets are 60 percent occupied by seven tenants including Samsung Electronics, Pitney Bowes, Trane and Doosan.
The complex spreads across 129.4 acres at 19 Chapin Road, and is minutes away from Route 46, two miles from the interchange of interstates 80 and 280 and two miles from Interstate 287. Both Port Newark–Elizabeth and Manhattan are less than 30 miles away.
HFF Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn, Senior Directors Michael Oliver and Stephen Simonelli, and Directors Marc Duval and Jordan Avanzato represented the seller in the transaction.
“19 Chapin’s location, quality and future upside brought a significant amount of both institutional and private investor interest,” Cruz said in a prepared statement. “We continue to see real appetite for high barriers-to-entry national markets like New Jersey.”
According to public records, the complex previously changed hands in 2010, when AEW purchased it for $57.8 million.
The new owners also recently purchased a fully leased industrial building in Paterson, N.J.
Image via Google Maps