Los Angeles, California (July 17, 2019)
Cohen Asset Management, Inc. (the “Company” or “CAM)”, a private real estate investment firm focused on owning and operating industrial properties in select target markets, today announced that an affiliate of CAM acquired a four building industrial property comprised of approximately 530,000 square feet situated on approximately 129 acres of land located at 19 Chapin Road along the I-80 Interchange in Pine Brook, New Jersey. The property is 96% leased to 11 regional and international tenants from a diverse mix of industries. The acquisition of 19 Chapin increases CAM’s presence in the Fairfield/Pine Brook submarket to 11 buildings comprised of approximately 1.3 million square feet.
Jason Haas, Executive Vice President and COO stated, “We are excited as we continue to expand our industrial footprint in the New Jersey marketplace with this acquisition, and we will continue to aggressively seek opportunities to acquire properties that possess superior locations and functionality for the markets they serve”. Mr. Haas went on to say, “With this acquisition CAM controls the majority of the high quality industrial space in the Fairfield/Pine Brook submarket and is the latest example of our capabilities in sourcing and closing well-located best-in-class industrial properties in vibrant infill submarkets.” Since 2012, Cohen has acquired over 5 million square feet of industrial property in the New Jersey/New York market.
This transaction is consistent with CAM’s overall investment strategy which seeks investments in functional industrial assets in its target markets that provide stable, recurring cash flow coupled with opportunities to create additional value through its proven effective active asset management approach.