{"id":1004197982,"date":"2017-11-21T23:21:54","date_gmt":"2017-11-22T07:21:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004197982"},"modified":"2021-05-15T02:29:16","modified_gmt":"2021-05-15T10:29:16","slug":"aew-sells-nj-industrial-complex-for-53m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/aew-sells-nj-industrial-complex-for-53m\/","title":{"rendered":"AEW Sells NJ Industrial Complex for $53M"},"content":{"rendered":"<p>By Corina Stef<\/p>\n<div id=\"attachment_1004197987\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Capture1.png\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004197987\" data-attachment-id=\"1004197987\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/aew-sells-nj-industrial-complex-for-53m\/capture-133\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Capture1.png\" data-orig-size=\"1286,965\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"19 Chapin Road, Pine Brook, N.J.\" data-image-description=\"&lt;p&gt;19 Chapin Road, Pine Brook, N.J. &lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;19 Chapin Road, Pine Brook, N.J. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Capture1.png?w=1024\" loading=\"lazy\" class=\"wp-image-1004197987 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Capture1.png\" alt=\"19 Chapin Road, Pine Brook, N.J. \" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Capture1.png 1286w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Capture1.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Capture1.png?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Capture1.png?resize=1024,768 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004197987\" class=\"wp-caption-text\">19 Chapin Road, Pine Brook, N.J.<\/p><\/div>\n<p>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.<\/p>\n<p>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.<\/p>\n<h2>Transit-oriented positioning<\/h2>\n<p>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\u2013Elizabeth\u00a0and Manhattan are less than 30 miles away.<\/p>\n<p>HFF Senior Managing Director Jose Cruz, Managing Director Kevin O\u2019Hearn, Senior Directors Michael Oliver and Stephen Simonelli, and Directors Marc Duval and Jordan Avanzato represented the seller in the transaction.<\/p>\n<p>\u201c<em>19 Chapin\u2019s location, quality and future upside brought a significant amount of both institutional and private investor interest,<\/em>\u201d Cruz said in a prepared statement.\u00a0\u201c<em>We continue to see real appetite for high barriers-to-entry national markets like New Jersey.<\/em>\u201d\u00a0<\/p>\n<p>According to public records, the complex previously changed hands in 2010, when AEW purchased it for $57.8 million.<\/p>\n<p>The new owners also recently purchased a <a href=\"https:\/\/www.commercialsearch.com\/news\/fully-leased-nj-industrial-asset-nabs-15m-financing\/\">fully leased industrial building<\/a> in Paterson, N.J.\u00a0<\/p>\n<p><em>Image via Google Maps<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A partnership bought the four-building asset in Pine Brook, N.J. The 530,000-square-foot property is 60 percent leased to tenants including Samsung Electronics and Pitney Bowes.<\/p>\n","protected":false},"author":241,"featured_media":1004197987,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21783,1600,21742,10],"tags":[37332,33758,37331,32792],"class_list":["post-1004197982","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-investment","category-new-york","category-latest","category-northeast","tag-advance-realty","tag-aew-capital-management","tag-camber-real-estate-partners","tag-hff"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>AEW Sells NJ Industrial Complex for $53M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/aew-sells-nj-industrial-complex-for-53m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AEW Sells NJ Industrial Complex for $53M\" \/>\n<meta property=\"og:description\" content=\"A partnership bought the four-building asset in Pine Brook, N.J. 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