HFF announces $16.2M in financing for spec industrial development in Newark, New Jersey
FLORHAM PARK, NJ – March 5, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $16.2 million in financing for the development of a 290,063-square-foot, to-be-built, spec industrial project in Newark, New Jersey.
The HFF team worked on behalf of the developer, a joint venture partnership between Penwood Real Estate Investment Management, LLC (“Penwood”), through its fourth value-added investment vehicle, Penwood Select Industrial Partners IV, L.P., and Penford Group, to place a construction loan with Principal Real Estate Investors.
The industrial distribution facility will be situated on 14.85 acres at 256 Vanderpool Street within the Northern New Jersey Industrial market, one of the top industrial markets in the nation. The site has immediate access to the entire New York City metro area via its proximity to Interstate 78 and other highways. Additionally, the site is 1.8 miles from the Port of Newark-Elizabeth and 4.1 miles from Newark Liberty International Airport. The state-of-the-art building will feature 40-foot clear heights, 64 loading docks, 79 trailer stalls and 8,702 square feet of office space.
The HFF debt team representing the developer included managing director Michael Klein and director Matthew Pizzolato.
“HFF is pleased to have secured another loan on Penwood’s behalf as it continues to expand its presence in the Northern New Jersey Industrial market,” Klein said. “Principal has been making loans on industrial properties in this market for a long time and has a firm grasp of the market’s fundamentals and the property’s attributes and was able to get comfortable making a construction loan on a speculative development. Given the property’s accessibility to major highways, the port, airport and deep labor pool from which a future tenant will benefit, the investment was an ideal fit for their portfolio.”
HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.
About Penwood Real Estate Investment Management, LLC
Penwood Real Estate Investment Management, LLC (Penwood) is an entrepreneurial real estate investment advisory firm dedicated to managing value-added real estate investments for the institutional market. Formed in 2003, the firm is a registered Investment Adviser based in Hartford, CT. Its New Jersey regional office was established in early 2013. Its California regional office was established in late 2015. Penwood combines experienced investment management with the local-market expertise of established strategic relationships and a disciplined management process to optimize value for investors. Penwood’s investment focus remains on value-add investment opportunities in the Global Gateway markets of New Jersey/Pennsylvania and Southern California due to the diverse demand generators, inherent supply constraints, dominant seaports and unparalleled transportation infrastructure in each region. For more information, please visit penwoodre.com.
About Penford Group
Penford Group, LLC (Penford) is a closely-held real estate development firm headquartered in Gladstone, New Jersey. Penford’s principals have over 80-years of combined real estate development and investment experience. Penford develops for its own account, in joint-venture with institutional equity partners, and as a third-party service provider.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $75.9 billion in commercial real estate assets*. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
*As of 31 December 2017
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.