Penwood Select Industrial Partners III acquires 35-acre site in Bayonne, NJ
Bayonne, NJ — Penwood Real Estate Investment Management, LLC (Penwood), through its third value-added investment vehicle, Penwood Select Industrial Partners III, L.P., announced the acquisition of a 35-acre site in Bayonne. Existing improvements include an 167,000 s/f industrial building and the site can support additional development of 175,000 s/f. The site is situated along the Newark Bay, adjacent to the Bayonne Bridge and Rte. 440 north and south, within 3.5 miles of the Global Container Terminal and Port Jersey City and 4.0 miles from the New Jersey Tpke. Extension. “This investment offers a compelling combination of functional existing improvements as well as excess land well suited for construction of additional industrial space,” said Howard Freeman, managing director responsible for East Coast acquisitions at Penwood. The site was formerly owned and operated by Unilever/Best Foods. Penwood plans a significant rehabilitation of the rail-served site to include razing many of the antiquated/ancillary structures on the site and upgrading the HVAC, sprinkler, electrical and lighting systems within the existing 167,000 s/f building. Freeman notes that, “upon completion, the property will offer among the best combination of features and location among its peer group.” The existing building is being marketed for lease and/or sale with availability projected for the spring of 2016, while the excess land is being marketed for build-to-suit opportunities. Karen Nista, managing director and head of asset management at Penwood notes, “the infill location and building functionality have already attracted significant interest from potential users.” Richard Chase, managing director and head of acquisitions at Penwood, adds, “Penwood is pleased to expand its footprint with such an attractive investment opportunity and is actively seeking additional investments in New Jersey.” n The principals of Penwood have extensive experience developing and/or rehabilitating industrial projects in this industrial market as well as in Southern California.