Key Takeaways
- • Rapid Portfolio Turnover: A four-building light industrial complex totaling 529,110 square feet in Montville Township, New Jersey traded for the second time in less than two years, with Camber Real Estate Partners and Advance Realty Investors selling to a Cohen Asset Management and Intercontinental Real Estate Corporation partnership.
- • Strong Occupancy and Tenant Diversification: The asset maintains 93.7% occupancy across 11 tenants spanning light manufacturing, aerospace and defense, shipping, and healthcare services, demonstrating resilient demand for industrial space in the region.
- • Strategic Location Premium: Positioned on 129 acres along US Route 46 with proximity to Interstates 80, 280, and 287, plus 23-mile access to Newark Liberty International Airport and the Port of New York and New Jersey, the property's logistics connectivity drove pricing strength according to JLL Capital Markets.
- • Northern New Jersey Industrial Demand: Market participants continue to demonstrate robust appetite for light industrial assets in Northern New Jersey, with location and tenant quality serving as primary pricing drivers in the competitive institutional investment landscape.
- • Recent Brokerage Integration: The transaction was facilitated by Holliday Fenoglio Fowler LP prior to the firm's acquisition by JLL on July 1, 2019, with the JLL Capital Markets team including senior managing director Jose Cruz and directors Marc Duval and Jordan Avanzato.
Summary
A 529,110-square-foot light industrial portfolio in Montville Township, New Jersey, has transacted for a second time in less than two years, underscoring sustained institutional appetite for well-located industrial assets in the Northern New Jersey market. Camber Real Estate Partners and Advance Realty Investors, who acquired the property in November 2017, have sold the four-building complex at 19 Chapin Road to a partnership combining Los Angeles-based Cohen Asset Management, Inc. and Boston-based Intercontinental Real Estate Corporation. The transaction price was not publicly disclosed.
The property's investment profile reflects the structural fundamentals driving Northern New Jersey industrial demand. Constructed between 1999 and 2000, the complex operates at 93.7% occupancy across 11 local and international tenants operating in light manufacturing, aerospace and defense, shipping, and healthcare services. The asset features 88 total loading positions—comprising 76 dock-high doors and 12 drive-in doors—with clear heights ranging from 20 to 22 feet and comprehensive parking infrastructure across 129 acres fronting US Route 46.
Geographic positioning has proven instrumental to pricing momentum. The property sits approximately two miles from the Interstate 80/280 interchange, providing direct access across New Jersey and into New York, Pennsylvania, and Delaware. Newark Liberty International Airport and the Port of New York and New Jersey, both critical logistics hubs, are situated 23 miles distant. "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," according to Jose Cruz, senior managing director at JLL Capital Markets.
The transaction was facilitated by the JLL Capital Markets team, including Cruz, directors Marc Duval and Jordan Avanzato, and represented the first significant transaction following JLL's July 1, 2019 acquisition of Holliday Fenoglio Fowler LP, which had initially secured the deal. The consecutive sale within a 24-month holding period signals continued institutional confidence in the asset class and Northern New Jersey's competitive position within the broader Northeast industrial market.
The property's investment profile reflects the structural fundamentals driving Northern New Jersey industrial demand. Constructed between 1999 and 2000, the complex operates at 93.7% occupancy across 11 local and international tenants operating in light manufacturing, aerospace and defense, shipping, and healthcare services. The asset features 88 total loading positions—comprising 76 dock-high doors and 12 drive-in doors—with clear heights ranging from 20 to 22 feet and comprehensive parking infrastructure across 129 acres fronting US Route 46.
Geographic positioning has proven instrumental to pricing momentum. The property sits approximately two miles from the Interstate 80/280 interchange, providing direct access across New Jersey and into New York, Pennsylvania, and Delaware. Newark Liberty International Airport and the Port of New York and New Jersey, both critical logistics hubs, are situated 23 miles distant. "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," according to Jose Cruz, senior managing director at JLL Capital Markets.
The transaction was facilitated by the JLL Capital Markets team, including Cruz, directors Marc Duval and Jordan Avanzato, and represented the first significant transaction following JLL's July 1, 2019 acquisition of Holliday Fenoglio Fowler LP, which had initially secured the deal. The consecutive sale within a 24-month holding period signals continued institutional confidence in the asset class and Northern New Jersey's competitive position within the broader Northeast industrial market.
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