Penwood Select Industrial Partners IV, L.P.
Location: Newark, NJ
- 14.9 acres of zoned and entitled industrial land.
- Located approximately three miles north of Newark-Liberty International Airport and Port Newark/Elizabeth, the subject property is situated in an infill submarket with significant land constraints.
- The partnership developed a +/- 290,000 square foot, state-of-the-art warehouse/distribution building.
Rationale for Acquisition:
Developable industrial land in northern New Jersey is scarce, creating a supply-restricted market. The site’s direct access to the transportation hubs and growing rail infrastructure provides for the efficient movement of goods across the country, appealing to warehouse/distribution users with port, regional, super-regional, coastal, national, and global supply chain logistics strategies.
Closing on the acquisition was conditioned upon receipt of full unappealable site plan approval. Construction was scheduled to commence shortly after closing and, due to the proximity to Newark-Liberty International Airport and Port Newark/Elizabeth, demand was expected to be robust.
The property was developed and leased to two investment-grade tenants. The asset was subsequently sold to an industrial-focused REIT.
*Please note that past performance is not a guarantee of future results.