Industrial Development

Penwood Select Industrial Partners IV, L.P.

CASE STUDY

Development

pr_industrial-partners

Location: Newark, NJ

Property Description:

  • 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.

Investment Strategy:

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.

Results:

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.

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