Carlstadt, NJ — Penwood Real Estate Investment Management, LLC (Penwood), through its sixth value-added investment vehicle, Penwood Select Industrial Fund VI, L.P., is pleased to announce the acquisition of a 109,775+/- s/f industrial building situated on 3.5 acres in Carlstadt. The property is ideally situated in the Meadowlands submarket of Northern New Jersey with immediate access to the major population areas of New Jersey and metropolitan New York City. This location is 6.5 miles from the Lincoln Tunnel and midtown Manhattan, 9.5 miles from the Holland Tunnel and lower Manhattan, and 7.5 miles from the George Washington Bridge and upper Manhattan. The site is also one mile from MetLife Stadium and 15 miles from Newark Liberty International Airport and the Port Newark–Elizabeth Marine Terminal.
Andrew MacDonald, vice president of acquisitions at Penwood, commented that “305 Veterans Boulevard is a trophy asset centrally located in the heart of commerce in Northern New Jersey.” Remell Chung, asset manager at Penwood, notes that “this high-quality asset has been impeccably maintained and will be in high demand from a wide spectrum of tenants.” Penwood has extensive experience developing and/or rehabilitating industrial projects in New Jersey, Pennsylvania, Southern California, and Las Vegas.
Penwood worked closely with Brian Scheuer of Chaus Realty who represented both Penwood and the seller. Chaus Realty has been selected as the exclusive leasing agent.