BAYONNE, NJ—Penwood Real Estate InvestmentManagement has acquired a 35-acre site in Bayonne, NJ,which includes a 167,000 square foot industrial building and spacefor additional development of approximately 175,000 squarefeet.
“This investment offers a compelling combination of functionalexisting improvements as well as excess land well suited forconstruction of additional industrial space,” says HowardFreeman, managing director responsible for East Coastacquisitions at Penwood. The site wasformerly owned and operated by Unilever/BestFoods.
Penwood plans a significant rehabilitation ofthe rail-served site to include razing many of theantiquated/ancillary structures on the site and upgrading the HVAC,sprinkler, electrical and lighting systems within the existing167,000 square foot building.
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