Penwood Grabs 116 KSF Warehouse in New Jersey
- Nov 22, 2016
by Adina Marcut
New Jersey—HFF recently announced that it has arranged $7 million in acquisition financing for 1501-1525 W. Blancke St., a 115,913-square-foot warehouse fully leased to two tenants in Linden, N.J.
HFF worked on behalf of the borrower, Penwood Real Estate Investment Management LLC, to place the five-year, fixed-rate loan with First Bank New Jersey. Loan proceeds will be used to purchase the building and fund immediate and future capital expenditures, tenant improvements and leasing commissions. The HFF debt placement team representing the borrower was led by Managing Director Michael Klein.
“First Bank quickly understood the value-add potential that the building provided and, based on Penwood’s historical track record with similar assets and the strength of the Northern New Jersey industrial market, was confident that the borrower would be able to execute its business plan,” said Klein in prepared remarks.
The property consists of a single-story building fully leased to Vantage Specialty Chemicals and HelloFresh. Situated on 4.5 acres in Union County, 1501-1525 W. Blancke St. is serviced by northern New Jersey’s extensive highway network, including New Jersey Route 1/9, the Garden State Parkway and the New Jersey Turnpike. The property is located less than 10 miles from Newark Liberty International Airport and approximately 21 miles from New York City.
Image courtesy of Google Street View