Penwood Real Estate acquires Carlstadt industrial building

Penwood Real Estate on Wednesday said it acquired a 109,775-square-foot industrial building situated on 3.5 acres in Carlstadt.

Located at 305 Veterans Blvd., the property is situated in the Meadowlands submarket of northern New Jersey with immediate access to the major population areas of New Jersey and metropolitan New York City. It is only 6.5 miles from the Lincoln Tunnel and Midtown Manhattan, 9.5 miles from the Holland Tunnel and Lower Manhattan and 7.5 miles from the George Washington Bridge and Upper Manhattan. The site is also one mile from MetLife Stadium and 15 miles from Newark Liberty International Airport and the Port Newark–Elizabeth Marine Terminal.

Andrew MacDonald, vice president of acquisitions at Penwood, commented, “305 Veterans Blvd. is a trophy asset centrally located in the heart of commerce in Northern New Jersey.”

Remell Chung, asset manager at Penwood, notes, “This high-quality asset has been impeccably maintained and will be in high demand from a wide spectrum of tenants.”

Penwood has extensive experience developing and/or rehabilitating industrial projects in New Jersey, Pennsylvania, Southern California and Las Vegas.

Penwood worked closely with Brian Scheuer of Chaus Realty, the exclusive leasing agent, who represented both Penwood and the seller.