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OUR History

Relationship-Driven Growth

Penwood was founded in 2003 by Richard Chase, John Hurley and Karen Nista—three seasoned investment professionals who came from a large, successful institutional advisory firm. They created Penwood because each wanted to bring their institutional investment management experience to a more hands-on, entrepreneurial firm. Penwood’s focus on strategy and relationships has driven its growth and success since its founding. 

The founders formed Penwood based on a recognized market need for a company focused on the requirements of institutional investors. Specifically, we saw a desire for an investment management company that provides institutional investors proper alignment of interest and access to low-risk property types in supply-restrained, diverse-demand markets. With value-add industrial property investment in Global Gateway markets as our overarching direction, founders Rick, John, and Karen formed Penwood and registered the company with the SEC as a Registered Investment Advisor.

From the beginning, Penwood has grown at a measured pace, maintaining our keen focus on strategy execution for fund investors—and our track record exemplifies our approach and expertise. Our group of seasoned professionals has grown to encompass a team of real estate management experts who strive to understand every facet of a deal prior to acquisition, which allows us to execute our value-add strategy efficiently and in a timely way. In every case, our objective in any strategy is meeting our investors’ needs. We’ve worked to create a culture of integrity, creativity, and curiosity; to build a family-oriented team to drive the results of our family of funds.  At Penwood, our team shares a passion for real estate investment, doing what is right, and collaborating with our various relationships. 

A key strength of the Penwood team is its relationships, specifically with its investors, partners, service providers, and colleagues. Those relationships work to support our keen understanding of clients’ objectives, an ability to solve complex structuring issues, open communication to ensure that diverse perspectives are valued—all of which ultimately leads to investment success. To this day, Penwood remains laser-focused on delivering continued success for all its investment funds.

Investment Timeline

2003 – 2021

  • 2021
    • Closed it’s sixth value-add industrial fund, Fund VI
  • 2021
    • Closed its third side-car investment
  • 2020
    • Celebrated the final investment sale and liquidation of its third investment fund
  • 2019
    • Completed all value creation activities and liquidated its second side-car investment
  • 2019
    • Penwood welcomed Joe Koziol, Christine Kubas and Zack Flynn as owners
  • 2018
    • Established its first nationwide industrial separate account with a major state pension plan
  • 2018
    • Liquidated its first side-car investment
  • 2018
    • Completed all investment activity for CSIP and liquidated the fund
  • 2017
    • The fifth value-add industrial fund, PSIP V, is closed and commences acquisitions in Southern California, Northern New Jersey, and Central Pennsylvania
  • 2017
    • Celebrated the completion of all investment activities and liquidated the PSIP II fund
  • 2016
    • Closed its first side-car investment
  • 2015
    • Closed its fourth value-add industrial fund, PSIP IV, with target markets of Southern California, Northern New Jersey, and Central Pennsylvania
  • 2013
    • Opened its New Jersey office
  • 2011
    • Closed its third value-add industrial fund, PSIP III, focused on Southern California and Northern New Jersey
  • 2007
    • Closed its second value-add industrial fund, PSIP II, with a Southern California focus
  • 2005
    • Closed its inaugural value-add industrial fund, CSIP, focused on the target market of Southern California
  • 2003
    • Penwood founded by John Hurley, Richard Chase and Karen Nista


Our investment expertise is our strength.

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Penwood's partnerships are structured to maximize alignment of interests.

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A highly focused investment strategy with a disciplined process.

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