BAYONNE, NJ—Penwood Real Estate Investment Management has acquired a 35-acre site in Bayonne, NJ, which includes a 167,000 square foot industrial building and space for additional development of approximately 175,000 square feet.
“This investment offers a compelling combination of functional existing improvements as well as excess land well suited for construction of additional industrial space,” says Howard Freeman, managing director responsible for East Coast acquisitions at Penwood. The site was formerly owned and operated by Unilever/Best Foods.
Penwood plans a significant rehabilitation of the rail-served site to include razing many of the antiquated/ancillary structures on the site and upgrading the HVAC, sprinkler, electrical and lighting systems within the existing 167,000 square foot building.
Once the improvements are completed, Freeman says, “the property will offer among the best combination of features and location among its peer group.”
The site is situated along the Newark Bay, adjacent to the Bayonne Bridge and Route 440 north and south, within 3.5 miles of the Global Container Terminal and Port Jersey City and four miles from the New Jersey Turnpike Extension.
The existing building is being marketed for lease and/or sale with availability projected for the spring of 2016, while the excess land is being marketed for build-to-suit opportunities.
“The infill location and building functionality have already attracted significant interest from potential users,” says Karen Nista, managing director and head of asset management at Penwood.
“Penwood is pleased to expand its footprint with such an attractive investment opportunity and is actively seeking additional investments in New Jersey,” says Richard Chase, managing director and head of acquisitions at Penwood.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
