Penwood Real Estate Investment Management acquired a 275,631-square-foot industrial property in Bordentown for $60 million, according to a Thursday announcement from Cushman & Wakefield, which represented the buyer.
Located at 201 Elizabeth St., directly off Exit 7 of the New Jersey Turnpike and within a half-mile of the River Line Light Rail, the asset provides easy access to the surrounding neighborhoods.
Cushman & Wakefield’s Mindy Lissner, Bill Waxman, Christine Eberle, David Gheriani, Chris Griffith, Jeff Volpi and Morgan Nitti represented Penwood in the transaction and have been selected as the exclusive leasing agents of the property alongside John Gartland, Jonas Skovdal and Chris Butera, also of Cushman & Wakefield. The seller, the O’Donnell Group, was represented by Steven Schultz of Newmark.
“We are pleased to be partnering with Penwood to lease this unique property that is situated in a market with significant demand for quality industrial space,” Lissner said. “The asset’s location off the New Jersey Turnpike, coupled with ownership’s plan to fully reposition and upgrade the building with a new façade, LED lighting, refurbished office space and additional loading docks, makes it a great option for a variety of distribution and fulfillment businesses.”
“We were attracted to the site’s low coverage, high power capacity and immediate proximity to Exit 7 of the New Jersey Turnpike,” Penwood’s Andrew MacDonald, vice president of acquisitions, stated. “This asset fits perfectly within our value-add investment strategy.”