By Joshua Burd
Penwood Real Estate Investment Management has expanded its footprint in the Meadowlands, where a fund operated by the firm has acquired a nearly 97,000-square-foot industrial building.
The property, 1 Caesar Place in Moonachie, traded for $31.25 million as part of a deal brokered by McBride Corporate Real Estate. Penwood made the purchase through its sixth value-added investment vehicle, Penwood Select Industrial Fund VI LP, noting that the 96,583-square-foot structure sits on 4.2 acres.
“This was an attractive opportunity, to acquire a highly functional asset in the sought-after, high-barrier-to-entry, Meadowlands submarket, and we were able to creatively structure the acquisition,” said Andrew MacDonald, vice president of acquisitions at Penwood.
McBride’s Jim McNerney and John D’Amato represented both the buyer and the undisclosed seller.
“1 Caesar Place was a great opportunity to invest in a well-located industrial asset,” McNerney said. “The Meadowlands submarket is continuing to perform extremely well, and we continue to see great opportunities.”
Penwood adds 110,000 sq. ft. Meadowlands industrial property, in Chaus-brokered deal
