305 Veterans Blvd. in Carlstadt — Courtesy: Penwood Real Estate Investment Management
By Joshua Burd
An investment manager has acquired a nearly 110,000-square-foot industrial building in the Meadowlands, in a recent transaction by Chaus Realty.
The buyer, Penwood Real Estate Investment Management LLC, paid an undisclosed price for the property at 305 Veterans Blvd. in Carlstadt. It completed the deal through its Penwood Select Industrial Fund VI LP, capitalizing on a location 6.5 miles from the Lincoln Tunnel and with immediate access to vast populations of New Jersey and the New York City metro.
Brian Scheuer of Chaus Realty represented both the buyer and the seller, Snow Joe, in the off-market deal and will be the leasing agent for the 109,775-square-foot building.
Andrew MacDonald, vice president of acquisitions at Penwood, said the 3.5-acre property “is a trophy asset centrally located in the heart of commerce in northern New Jersey.” Remell Chung, an asset manager at the West Hartford, Connecticut-based firm, added: “this high-quality asset has been impeccably maintained and will be in high demand from a wide spectrum of tenants.”
Terms were not disclosed.
