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Penwood Real Estate Investment Management Announces the Acquisition of 14191 Myford Road in Tustin, CA
Hartford, CT – March 29, 2012 – Penwood Real Estate Investment Management, LLC (Penwood) through its third sponsored investment fund, Penwood Select Industrial Partners III, L.P., and with its development partner, Western Realco, announced today the acquisition of 14191 Myford Road, a vacant 110,122 square foot building located in Tustin, CA. The property closing is the first value-added investment acquired by Penwood Select Industrial Partners III, L.P. – a closed-end fund.
The partnership plans to rehabilitate the building including select demolition of interior finishes, refurbishment of the office space, lobby and entryway renovations, and upgrades to the building exterior and landscaping. The property is located one block west of the intersection of the I-5 Freeway and Jamboree Road within the Irvine Business Complex which is a master-planned business park developed by the Irvine Company. The property is also one block from SR-261 (part of the Eastern Transportation Corridor) and close to John Wayne Airport (4 miles) and SR-55 (under 3 miles).
“The location within the Irvine Business Park and access to the I-5 freeway attracted us to the opportunity,” stated Richard Chase, Head of Acquisitions at Penwood. “There is limited supply of comparable availabilities and we already have interest from a number of users for the space. The property is extremely functional and the planned upgrades will only add to its appeal,” added Christine Kubas, Senior Vice President of Acquisitions at Penwood.
Jeremy Mape or Western Realco, notes, “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.