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Penwood Real Estate Investment Management Announces the Acquisition of 1683 Sunflower Avenue in Costa Mesa, CA
Hartford, CT – September 14, 2012 – Penwood Real Estate Investment Management, LLC (“Penwood”) announced today that, through a joint venture between Penwood Select Industrial Partners III, L.P., it’s third value-added investment vehicle, and Voit Real Estate Services, it has closed on the acquisition of 1683 Sunflower Avenue in Costa Mesa, CA.
The two-tenant 345,000 square foot industrial building was acquired with a 112,000 square foot vacancy. According to Voit’s Art Smith who worked with Penwood on the purchase, “As a full-service firm we were able to use our acquisitions and asset strategy team to assist Penwood not only in identifying this opportunity, but also in planning, due diligence, underwriting and now operations and leasing.” Penwood’s Richard Chase agrees, adding, “The Sunflower investment provides for an attractive income stream and tremendous upside potential.”
The property is located within close proximity to John Wayne Airport with frontage on the 405 Freeway with 400,000 cars passing by the property daily. Jim Baldyga, Penwood’s VP of Acquisitions, notes, “The Freeway frontage provides strong appeal to potential tenants due to visibility and ease of access.” Penwood and Voit will improve the landscape and vacant space to position the property for tenants seeking space in a dynamic and high profile location.
Penwood’s investment focus remains on the Southern California industrial market due to the diverse demand generators, inherent supply constraints, dominant seaports, and unparalleled transportation infrastructure.
About Penwood Real Estate Investment Management, LLC
Penwood’s investment focus is on the Southern California industrial market due to the diverse demand generators, inherent supply constraints, dominant seaports, and unparalleled transportation infrastructure in that region.
Penwood is an entrepreneurial real estate investment advisory firm concentrating on managing value-added real estate investments for the institutional market. Formed in 2003, the firm is a Registered Investment Adviser based in Hartford, CT. Penwood combines experienced investment management with the local-market expertise of established strategic relationships and a disciplined management process to create value for investors. Penwood is currently focused on value-added investments through the development, redevelopment, reposition, and rehabilitation of industrial property in Southern California.
About Voit Real Estate Services
Voit Real Estate Services is now a 10 office commercial real estate firm that, through its brokerage and asset services professionals working together, provides strategic property solutions tailored to clients’ needs. Combining 40 years of expertise in brokerage, investment advisory, financial analysis, market research, asset management, tenant advisory and property management services, Voit provides clients with forward looking strategies that create value for their assets and portfolios.
Voit is a privately held, debt-free firm that has successfully navigated numerous market cycles since 1971 and currently employs more than 250 people. Voit has owned, developed and managed over 50 million square feet of commercial real estate, participated in $1.4 billion of construction projects and completed over $36 billion in brokerage transaction volume. Further information is available at www.voitco.com.
For information about Penwood, contact John Hurley at firstname.lastname@example.org.