Developer Advance Realty recently announced that as part of a joint-partnership with Camber Real Estate Partners, it has completed the purchase of a four-building, 529,110-square-foot industrial facility in Pine Brook.
The facility, located on 129.4 acres at 19 Chapin Road, Pine Brook, is 60 percent leased and includes a mix of tenants such as Samsung Electronics and Pitney Bowes as well as Trane and Doosan Machine Tools.
The joint venture partners, Camber and Advance, said they plan to convert some of the portfolio from office into light-industrial use.
“The property’s proximity to executive housing, as well as its access to an abundant and well-educated labor force enhances its profile as a desirable industrial asset in Northern New Jersey,” said Alexander Cocoziello, principal and vice president of Advance Realty. “We are pleased to continue our partnership with Camber Real Estate Partners on this best-in class industrial opportunity.”
The transaction was completed by HFF’s senior managing director Jose Cruz and Kevin O’Hearn, Michael Oliver, Stephen Simonelli, Marc Duval and J.B. Bruno.
Senior managing director of HFF’s Equity Debt and Structure finance Group Greg Nalbandian arranged mortgage financing, a $40 million floating rate loan, alongside Timothy Mason.
“This property offers our partnership another rare opportunity to acquire an institutional-quality asset in the supply-constrained northern New Jersey market,” said Christopher M. Bellapianta, managing principal of Camber Real Estate Partners. “The property has a strong mix of tenants, and we look forward to adding new companies to its roster as we complete the repositioning and ensure its long-term success.”
Advance and Camber said the property is located immediately off of Route 46 and Interstate 80.
In Harrison, Advance announced its joint venture project, Steel Works, with DeBartolo Development, reached 50 percent leased this week after only four months on the market.
The property, located on 35 acres, includes 286 units located adjacent to the Harrison PATH Station.
“The leasing success further validates our belief that Harrison is emerging as one of the most desirable transit-oriented locales in the New York Metropolitan Area,” said Jackie Urgo of The Marketing Directors, who oversees leasing at Steel Works. “By implementing unique design and décor, ownership has separated Steel Works from other luxury rental buildings in the market. The first-class apartments and high-end amenities are hard to match, but the industrial-inspired feel is something that can’t be found anywhere else.”
Steel Works is part of the up and coming Riverben District of Harrison which once completed, will include 3,000 luxury apartments alongside 100,000 square feet of retail space with a mix of bars, shops and entertainment options.
“Incorporating design and décor that pays tribute to Harrison’s industrial past, Steel Works residences boast modern, chef-inspired kitchens with stainless steel appliances, designer cabinetry, quartz countertops, open shelving, and built-in wine chillers; Amazon Echo Dot equipped with ‘Alexa’ voice service; elevated nine-foot ceilings; expansive walk-in custom closets; frameless glass shower doors; audio enabled sound system; and a choice of two distinct color pallets,” said Advance in a news release. “Apartments on the building’s first floor feature exposed spiral ducts with painted concrete ceilings, exposed brick walls, and other stylish components contributing to an urban motif.”
Advance unveiled plans to rebrand and upgrade the recently-purchased apartment complex The Metropolitan in Hoboken into The Bexley. The project, located adjacent to Harlow at 1300 Clinton St., will feature new flooring, cabinets, appliances and bathrooms.
Advance also announced plans to renovate and upgrade the common area hallways, resident lounge, business center and outdoor courtyard.
“When The Bexley was originally constructed in the early 2000s, it was among the premier rental communities in Hoboken,” said Peter Cocoziello, president and CEO of Advance Realty. “Our comprehensive renovation program returns the property to its rightful place among the most desirable residential options in the city. We view both Harlow and The Bexley as long-term investments, and we’ll continue to devote capital toward ensuring they remain at the forefront of Hoboken’s luxury rental market.”
The property is located near the 14 Street Viaduct and just one mile from the Lincoln Tunnel entrance. Access to Routes 3, 1 and 9, the Hudson-Bergen Light Rail, Hoboken Ferry and PATH is also proximal.