201 Elizabeth St. in Bordentown — Courtesy: JLL
By Joshua Burd
An investment manager has added to its New Jersey real estate holdings, acquiring a Bordentown industrial building with the help of a $40 million loan arranged by JLL.
The borrower, Penwood Real Estate Investment Management LLC, purchased the 274,197-square-foot property at 201 Elizabeth St. through a value-added investment vehicle dubbed Penwood Select Industrial Fund VI LP, according to the debt placement team. CIT, a division of First Citizens Bank, provided the three-year, floating-rate acquisition loan.
JLL Senior Managing Director Michael Klein, Director Max Custer and Associate Ryan Carroll led the team representing the borrower.
“Penwood is in a great position to implement an extensive capital improvement program to the property that will help attract tenants and allow them to capitalize on the market’s low vacancy and growing asking rents,” Klein said, noting that the property is currently leased on a short-term basis. Ownership plans to begin renovations early next year, he said.
In a news release, JLL said the 33.9-acre property has 22- to 24-foot clear ceiling heights, 16 dock-high doors, two drive-in doors, a 215-foot truck court, and parking for 116 cars and 67 trailers. The property benefits from its proximity to the New Jersey Turnpike, Interstate 295 and routes 1, 206 and 130, the brokers said, adding that tenants can supply three of the region’s largest population centers — Philadelphia, New York City and the Baltimore and Washington DC area — within a two-hour drive.
“CIT’s Real Estate Finance team was able to quickly grasp Penwood’s business plan and put together an attractive financing proposal that will fund the transformation of 201 Elizabeth St. into a well-located, highly functional warehouse and distribution facility,” Custer said.