Saturday, July 27, 2019

JLL closes sale of a four-building industrial portfolio in Morris County, NJ


Jose Cruz
MORRISTOWN, NJ 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. 

Marc Duval


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.

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.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.





(Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.)


CONTACTS:

Jose Cruz, 
JLL Senior Managing Director
New Jersey License No: #8743725
Phone: +1 973 549 2000

 Kimberly Steele,
 Digital Content/PR Specialist
Phone: +1 713 852 3420
Email: Kimberly.Steele@am.jll.com

jll.com.
https://www.intercontinental.net.
http://www.cohenasset.com
www.advancere.com 
www.CamberREP.com.


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