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Penwood Real Estate Investment Management Announces the Acquisition of a Portfolio of Six Industrial Properties in Brea, CA
Hartford, CT – July, 2010 – Penwood Real Estate Investment Management, LLC (Penwood) through a joint venture between Penwood Select Industrial Partners II, L.P. and Cohen Asset Management, Inc. (Cohen) announced today the acquisition of six industrial buildings located on Moonstone and North Palm Street in Brea, California. The property closing is the second value-added investment acquired by Penwood Select Industrial Partners II, L.P. – a closed-end fund.
The new acquisition of single – story industrial buildings totals over 225,000 square feet on approximately 12.5 acres. The buildings are all leased on a short-term basis. The property, located in the in-fill market of Brea, CA, part of the North Orange County submarket, is within 2.5 miles of the SR-90 and SR-57 interchange and five miles from the 6, 60 and 91 Freeways.
The investment strategy is to market the buildings for sale and/or lease. Additionally, as the seller vacates individual buildings, upgrades will be performed as needed. The assets were acquired at a significant discount to replacement cost from a motivated seller.
“The attractive pricing and interim income attracted us to the opportunity,” stated Richard Chase, Head of Acquisitions at Penwood. “The buildings are extremely functional and the user sale market is vibrant in North Orange County. We expect significant user interest after an upgrade to the buildings and landscape,” added Karen Nista, Head of Asset Management at Penwood.
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.
Penwood is an entrepreneurial real estate investment advisory firm dedicated to 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 optimize value for investors. Penwood is currently focused on value-added investments through the redevelopment, reposition, and rehabilitation of industrial property in major seaport markets.
Cohen Asset Management, ™ Inc. is a private commercial and industrial real estate investment firm. The firm’s relationships extend to high net worth individuals, institutional investors and domestic business entities. The private real estate investment firm is an active operator and investor of commercial and industrial real estate assets. Cohen has a well-established reputation as a value- added investor focusing on commercial and industrial real estate opportunities that are inefficiently priced due to a variety of circumstances such as vacancies, rollover risk, sub-optimal management, inefficient current use, deferred maintenance, long-term undervalued leases or other unfavorable property and market conditions.
For information about Penwood, contact John Hurley at firstname.lastname@example.org.