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Penwood Real Estate Investment Management Announces the Acquisition of 29 Acres on Etiwanda Avenue in Ontario, CA
Hartford, CT – April 13, 2011 – Penwood Real Estate Investment Management, LLC (Penwood) through its sponsored investment fund, Penwood Select Industrial Partners II, L.P., and with its development partner, Western Realco, announced today the acquisition of 29 acres of industrial land at the northwest Corner of the intersection of the San Bernardino Freeway (I-10) and Etiwanda Avenue in Ontario, CA. The property closing is the 10th value-added investment acquired by Penwood Select Industrial Partners II, L.P.– a closed-end fund.
The new acquisition comprises five contiguous parcels totaling 29 acres. The development plan is to construct a total of approximately 409,400 square feet in two state-of-the-art Class A distribution buildings. Both buildings will have 30-foot clear height, an ESFR sprinkler system, drive-around capabilities, with 185-foot truck courts, which will allow for ample trailer storage. The property is considered the best undeveloped industrial site in the Inland Empire, at a four-way interchange off the I-10 Freeway with significant freeway frontage and visibility.
“The freeway frontage and access attracted us to the opportunity,” stated Richard Chase, Head of Acquisitions at Penwood. “The site layout is ideal and should draw tremendous user interest,” added Christine Kubas, Vice President of Acquisitions at Penwood.
Gary Edwards, President of Western Realco, notes, “This is the premier location within the Inland Empire West. Industrial users will be extremely interested in locating their distribution facility in such a dominant location.” Jeremy Mape, Vice President of Western Realco, adds, “The team worked diligently to put the transaction together and we expect the market will be thrilled with our finished product offering.”
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.
Established in 1972, Western Realco, under the direction of Vance C. Mape III, provides real estate development services throughout California and Nevada. Specializing in industrial and office development, their services include land acquisition, finance, project conceptualization, construction management, marketing and property management. Western Realco has developed over 1,350 acres and 14.8 million square feet of space with 3.1 million square feet currently under development/redevelopment or rehabilitation.
For information about Penwood, contact John Hurley at firstname.lastname@example.org.