New tenants to occupy combined 55,000 square feet at light industrial facility
A partnership of Camber Real Estate Partners and Advance Realty announced today that it has entered into lease agreements with two new tenants at its four-building, 529,110-square-foot light industrial facility located at 19 Chapin Road in Pine Brook, New Jersey.
The two companies will lease a combined 55,000 square feet at the well-located facility, which is situated off U.S. Route 46 and Interstate 80. Both were drawn to the property due its desirable location, as well as the campus’ high-quality industrial space which can be easily customized and configured to accommodate the specific needs of each business.
Camber and Advance are in the midst of a long-term repositioning of 19 Chapin Road, which they acquired in November 2017. Their vision for the four-building campus includes the conversion of some office space for light industrial use, which will allow the property to fully capitalize on its prime location and proximity to major highway infrastructure, nearby seaports and densely populated communities throughout the region.
“These two large leases are indicative of the significant progress we have made at 19 Chapin Road since acquiring it last year, and the tremendous interest we continue to receive from prospective tenants,” said Peter J. Cocoziello, president and CEO of Advance Realty. “The strong demand for industrial space in this region and the desirability of this property have allowed us reach agreements for 55,000 square feet of space in just four months, and we look forward to welcoming other businesses into the small amount of space still available.”
An exclusive Cushman & Wakefield leasing team consisting of Executive Managing Directors Andrew Siemsen and Jason Goldman represented Camber and Advance in both transactions.
“We acquired 19 Chapin Road knowing that it would be attractive to a wide range of global and national companies, and our robust leasing activity is a testament to its appeal,” said Dave C. Surti, principal of Camber Real Estate Partners. “Whether a business is seeking state-of-the-art flex space or a facility that will allow them to manufacture and distribute products across the country, this property continues to establish its place among the premier light industrial assets in the region.”
Constructed in 2001, 19 Chapin Road is situated on more than 129 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.
In addition to immediate access to U.S. Route 46 and Interstate 80, 19 Chapin Road is approximately two miles from Interstate 280 and less than five miles from Interstate 287, allowing for convenient travel to the entire New York metropolitan area.
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 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 6.5 million square feet encompassing approximately $2.0 billion in total capitalization. For more information, visit www.CamberREP.com
About Advance Realty
Among real estate’s most reputable and successful companies, Advance Realty has established itself as one of the industry’s most innovative and forward-thinking firms. Since 1979, Advance has continuously evolved to meet changing market demands by leveraging the creativity and collective knowledge of its team of world-class professionals, while remaining true to its commitment to responsible development. Headquartered in Bridgewater, New Jersey, Advance employs a multifaceted strategy, actively pursuing real estate investments in commercial, residential, industrial, retail and mixed-use projects that present an opportunity to enhance value through development, repositioning and redevelopment. The company currently owns, manages or has invested in a diverse, 10-million-square-foot portfolio of properties across all asset classes throughout the Northeast Corridor. For more information, visit www.advancere.com.