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Penwood Real Estate Investment Management Announces the Acquisition of 1400 E Victoria Avenue in San Benardino, CA
Hartford, CT – May 18, 2011 – Penwood Real Estate Investment Management, LLC (Penwood) through a joint venture between its sponsored investment fund, Penwood Select Industrial Partners II, L.P., and The Magellan Group, announced today the acquisition of 1400 E Victoria Avenue in San Bernardino, California. The property closing is the 11th value-added investment acquired by Penwood Select Industrial Partners II, L.P.– a closed-end fund.
The new acquisition comprises 10 acres and a single-story industrial building of 235,000 square feet. The building is vacant and will be rehabilitated and marketed for lease and/or sale. The property is located within the City of San Bernardino, one mile north of the Redlands Freeway (I-10) and just east of the Riverside Freeway (I-215).
“The central location and attractive pricing attracted us to the opportunity,” stated Richard Chase, Head of Acquisitions at Penwood. “The building is extremely functional and the property is rail served with large storage yards. We expect significant user interest after an upgrade to the facility and truck court improvements,” added Christine Kubas, Vice President of Acquisitions at Penwood.
Martin Slusser, Principal and Co-founder of The Magellan Group, notes, “The all-in cost provides the partnership with flexibility in attracting users for the space.” Kevin Staley, Principal and Co- founder of The Magellan Group, adds, “The functionality and access of the building will provide a competitive edge in marketing the property.”
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.
The Magellan Group, Inc., founded in 1990 and headquartered in Los Angeles, has grown into a leading Southern California real estate investment and development firm with in-house acquisition, development, finance, leasing, and property management expertise.
Since its inception, Magellan has acquired and developed over 3.5 million square feet of industrial, self-storage, and aviation properties throughout Southern California with a total capitalization in excess of $400 million. By successfully leveraging its experience and by conducting business consistent with its values, Magellan has consistently delivered outstanding projects to local communities and excellent returns to its investors.
For information about Penwood, contact John Hurley at firstname.lastname@example.org.