Penwood Real Estate Investment Management has acquired a 275,631-square-foot industrial property in Bordentown.
The $60 million purchase of 201 Elizabeth St., arranged by Cushman & Wakefield and announced by that firm June 8, was made through Penwood’s sixth value added investment vehicle, Penwood Select Industrial Fund VI LP.
According to Penwood Vice President of Acquisitions Andrew MacDonald, the property’s immediate proximity to the New Jersey Turnpike at Exit 7 was part of its appeal.
“We were attracted to the site’s low coverage, high power capacity,” he said, adding: “This asset fits perfectly within our value-add investment strategy.”
Mindy Lissner, Bill Waxman, Christine Eberle, David Gheriani, Chris Griffith, Jeff Volpi and Morgan Nitti of Cushman & Wakefield represented Penwood in the transaction. And the same team has been retained as exclusive leasing agents for the property, along with CushWake’s John Gartland, Jonas Skovdal and Chris Butera.
The seller, The O’Donnell Group, was represented by Newmark’s Steven Schultz.
“We are pleased to be partnering with Penwood to lease this unique property that is situated in a market with significant demand for quality industrial space,” said Lissner. “The asset’s location off the New Jersey Turnpike coupled with ownership’s plan to fully reposition and upgrade the building with a new façade, LED lighting, refurbished office space and additional loading docks makes it a great option for a variety of distribution and fulfillment businesses.”
The Burlington County property is within a half mile of the River Line Light Rail, offering easy access to surrounding neighborhoods.