NEWARK, NJ—A joint venture partnership between Hartford, CT-based Penwood Real Estate Investment Management and Gladstone, NJ-based Penford Group is developing a 290,063-square-foot, to-be-built, spec industrial project in Newark, NJ.
Penwood manages value-added real estate investments for the institutional market, with a focus on investment opportunities in the global gateway markets of New Jersey/Pennsylvania and Southern California becase of the diverse demand generators, supply constraints, dominant seaports and transportation infrastructure in each region. Penford, a closely held real estate development firm, develops for its own account, in joint-venture with institutional equity partners, and as a third-party service provider.
Holliday Fenoglio Fowler arranged $16.2 million in financing for the development partnership's construction loan with Principal Real Estate Investors. The HFF debt team representing the developer included managing director Michael Klein and director Matthew Pizzolato.
“HFF is pleased to have secured another loan on Penwood's behalf as it continues to expand its presence in the Northern New Jersey Industrial market,” Klein says. “Principal has been making loans on industrial properties in this market for a long time and has a firm grasp of the market's fundamentals and the property's attributes and was able to get comfortable making a construction loan on a speculative development. Given the property's accessibility to major highways, the port, airport and deep labor pool from which a future tenant will benefit, the investment was an ideal fit for their portfolio.”
The industrial distribution facility will be situated on 14.85 acres at 256 Vanderpool Street within the Northern New Jersey Industrial market, one of the top industrial markets in the nation. The site has immediate access to the entire New York City metro area via its proximity to Interstate 78 and other highways. The site is 1.8 miles from the Port of Newark-Elizabeth and 4.1 miles from Newark Liberty International Airport. The state-of-the-art building will feature 40-foot clear heights, 64 loading docks, 79 trailer stalls and 8,702 square feet of office space.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
