By Joshua Burd
The new owner of two Linden industrial properties has hired JLL to manage them, the real estate services firm said Monday.
In a news release, JLL said it will serve as exclusive property manager for the 115,000-square-foot 1501 West Blancke St. and the 81,700-square-foot 2401 East Linden Ave. The assignment comes a few months after Penwood Real Estate Investment Management acquired the distribution and warehouse facilities in separate deals.
The JLL team handling the property management assignment includes:
- Linda Aronson, managing director for the New York tri-state region;
- Angela Alfano, senior vice president/national director and industrial property management lead in New Jersey;
- Pam Buchmann, general manager for 1501 West Blancke St. and 2401 East Linden Ave.;
- Maggie Blazeska, property administrator
The group will work closely with Penwood’s asset management team, the news release said.
“Penwood Real Estate Investment Management acquired (1501 West Blancke St.) a few months ago and recently closed on 2401 East Linden Ave.,” Alfano said in a prepared statement. “These are important new assets that provide a foothold in New Jersey for the real estate company. Ownership turned to JLL for our proven expertise in overseeing all forms of industrial real estate.”
Penwood acquired the West Blancke Street property from Tulfra Real Estate. The warehouse and distribution facility was built in 1973 and sits on 4.6 acres between Marion Avenue and Lindegar Street in Linden, featuring 15,000 square feet of office space and 16-foot to 24-foot clear ceiling heights.
The company recently acquired 2401 East Linden Ave. from 265 Pennsylvania Realty LLC, the JLL news release said. The warehouse and distribution facility was built in 1975 and sits on some 3.5 acres between Park and Ashton avenues in Linden.
The fully occupied property features 5,000 square feet of office space, 10 loading docks and 21-foot ceilings.