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Penwood Real Estate Investment Management Announces the Acquisition of 17.35 Acres in Van Nuys, CA
Hartford, CT – November 27, 2012 – Penwood Real Estate Investment Management, LLC (Penwood) through its sponsored investment fund, Penwood Select Industrial Partners III, L.P., and with its development partner, Shubin Nadal Associates, LLC, announced today the acquisition of a 17.35 acre industrial property at 7600 Tyrone Avenue, Van Nuys, California, from Quest Diagnostics Clinical Laboratories, Inc. The property closing is the third value-added investment acquired by Penwood Select Industrial Partners III, L.P. – a closed-end fund.
The property was the former Quest Diagnostic medical testing facility which was vacated over a year ago. The 17.35 acre site currently houses several vacant testing labs, industrial buildings, and office buildings, totaling approximately 142,650 square feet. The buildings were constructed throughout the 1960s to 1980s. The joint venture will demolish the existing buildings on-site and replace them with an enhanced industrial park named “Central Park Van Nuys” featuring three state of the art industrial buildings totaling approximately 290,000 square feet. The new buildings will be available for lease or for sale beginning early 2014.
“When completed, Central Park Van Nuys will offer the only newly re-developed industrial site, consisting of buildings with 30 foot clearance, ESFR ready sprinkler systems, spacious truck loading, and yard storage – all in a convenient location in the heart of the San Fernando Valley between the 405 and 170 Freeways,” said Bill Shubin, principal at Shubin Nadal Realty Investors.
Richard Chase, Head of Acquisitions at Penwood adds, “There is an extremely limited amount of functional space in contiguous blocks above 50,000 square feet in this market. The overall vacancy rate in the San Fernando Valley is 2.1% and only 1.6% in the Central Valley sub-market. We expect that there will be significant demand for the finished space.”
Dave Harding and Greg Geraci of CBRE represented the joint venture and Quest Diagnostics for both the purchase and sale of the property. Dave Harding and Greg Geraci of CBRE will also handle all of the marketing and leasing for the new industrial park.
About Shubin Nadal Associates, LLC: Shubin Nadal Associates, LLC, based in Newport Beach, California, is a partnership between Shubin Nadal Realty Investors, LLC and The Bascom Group, LLC. Real Estate industry veterans Bill Shubin and Lonnie Nadal founded Shubin Nadal Realty Investors to seek opportunistic, value add real estate investments throughout Southern California, in joint ventures with institutional partners. Bascom has completed over $7.7 billion in multifamily and commercial transactions since 1996.
About Penwood Real Estate Investment Management, LLC: Penwood Real Estate Investment Management, LLC 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, Connecticut. Penwood is currently focused on value-added investments through the construction, redevelopment, reposition, and rehabilitation of industrial property in major seaport markets.
For information about Penwood, contact John Hurley at firstname.lastname@example.org.