Penwood Expands PA Industrial Footprint
- Jan 08, 2018
Penwood Real Estate Investment Management expanded its multi-tenant industrial portfolio through Penwood Select Industrial Partners IV. The fund has acquired a two-building, 254,449-square-foot industrial asset, located in Shiremanstown, Pa. JLL represented the seller—First Industrial Realty Trust.
The property occupies 14.2 acres at 301 Railroad Ave. The buildings feature high-efficiency T5 lighting, ESFR sprinklers, 27 loading doors, a 130-foot truck court, 24-foot clear height, column spacing ranging from 27 to 40 feet and more than 200 parking spaces. The property is currently 100 percent occupied by four tenants.
Attractive investment opportunity
Penwood plans to renovate the multi-tenant industrial facility to increase market appeal and attract potential tenants once the current lease contracts expire. A parking expansion is possible upon an adjacent gravel lot. Industrial asking rents in the region are growing, especially in the area where the asset is located, according to JLL.
“As location always plays a critical role in investment decisions, 301 Railroad Ave. offered a strong advantage that generated investor interest. The warehouse boasts an attractive infill location in one of the country’s strongest performing industrial markets,” said John Plower, senior vice president at JLL, in a prepared statement.
The asset is located near interstates 76, 81 and 83. “There are six major shipping hubs located within 17 miles of the property making this particular location attractive to an array of tenants,” said Howard Freeman, managing director for East Coast acquisitions at Penwood, in prepared remarks.
Plower, along with Managing Director James Galbally and Senior Vice Presidents Brett Grifo and Chad Orcutt of JLL represented the seller.
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