201 Elizabeth St. in Bordentown — Courtesy: Cushman & Wakefield
By Joshua Burd
An investment manager has acquired a nearly 280,000-square-foot industrial building in Bordentown for $60 million, in a newly announced transaction by Cushman & Wakefield.
The buyer, Penwood Real Estate Investment Management, completed the deal for 201 Elizabeth St. through its Penwood Select Industrial Fund VI LP, according to a news release. C&W noted that the property sits directly off Exit 7 of the New Jersey Turnpike and within a half-mile of NJ Transit’s River Line light rail, fueling interest in the 275,631-square-foot complex.
C&W’s Mindy Lissner, Bill Waxman, Christine Eberle, David Gheriani, Chris Griffith, Jeff Volpi and Morgan Nitti represented Penwood in the purchase and will serve as its leasing agents alongside John Gartland, Jonas Skovdal and Chris Butera, also of Cushman. Steven Schultz of Newmark represented the seller, The O’Donnell Group.
“We are pleased to be partnering with Penwood to lease this unique property that is situated in a market with significant demand for quality industrial space,” Lissner said. “The asset’s location off the New Jersey Turnpike coupled with ownership’s plan to fully reposition and upgrade the building with a new façade, LED lighting, refurbished office space and additional loading docks makes it a great option for a variety of distribution and fulfillment businesses.”
Penwood is well-versed in Mercer County and other New Jersey submarkets, with recent projects in Lawrenceville, Newark and elsewhere.
“We were attracted to the site’s low coverage, high power capacity and immediate proximity to Exit 7 of the New Jersey Turnpike,” said Penwood’s Andrew MacDonald, vice president of acquisitions. “This asset fits perfectly within our value-add investment strategy.”
