Pennwood Real Estate Acquires Linden Industrial for $9.1 Million

2401 East Lindeon Avenue, Linden, NJ

LINDEN, NJ— Penwood Real Estate Management has acquired 2401 East Linden Ave nue   in Linden, an 82,000-square-foot industrial asset, from 265 Pennsylvania Realty for $9.1 million. Jordan Metz , vice president at Bussel Realty Corp. brokered the sale. This is the fifth industrial investment asset Metz has sold over the past 12 months, totaling more than $40 million in aggregate sales/lease volume. “The Ports market is experiencing strong, unparalleled demand, compounded with an historically low vacancy and inventory, resulting in a tremendous amount of competition which has led to some of the highest sale and lease prices that we’ve ever seen,” says Metz .  “With the continued explosion of growth in the e-commerce sector, and with institutional fund money chasing any well-located asset in these markets, buildings like 2401 E ast Linden Ave nue commanded interest from a myriad of buyers.” 2401 E ast Linden Avenue is a fully stabilized net-leased building located near Exit 13 of the New Jersey Turnpike and Route 1-9.  The property features 5,000-square-foot offices, 21-foot clear ceilings heights, ten loading docks, and a new paved parking lot, doors and HVAC system.  Located in the heart of the Ports market, the property offers easy access to Port Newark/Elizabeth and Newark Liberty Airport as well as the Goethals Bridge to Staten Island. The building has three tenants in the food and pharmaceutical sectors, one of which, Ultimate Foods , signed a new five-year lease on approximately 20,000 square feet with Penwood as it took ownership.  Metz represented both the tenant and Penwood in that lease transaction as well.