HFF arranges $7 million in acquisition financing for a warehouse/distribution building in Linden, New Jersey
FLORHAM PARK, NJ – November 17, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $7 million in acquisition financing for 1501-1525 West Blancke Street, a 115,913-square-foot warehouse/distribution building fully leased to two tenants in Linden, Union County, New Jersey.
HFF worked on behalf of the borrower, Penwood Real Estate Investment Management, LLC, to place the five-year, fixed-rate loan with First Bank New Jersey. Loan proceeds will be used to purchase the building and fund immediate and future capital expenditures, tenant improvements and leasing commissions.
1501-1525 West Blancke Street is a single-story building fully leased to Vantage Specialty Chemicals and HelloFresh. The facility features 18’ to 22'’ ceiling heights, 16 dock bays and two drive-in bays. Situated on 4.5 acres in Union County, 1501-1525 West Blancke Street is serviced by northern New Jersey’s extensive highway network, including New Jersey Route 1/9 (one mile northeast), the Garden State Parkway (1.8 miles west) and the New Jersey Turnpike (2.25 miles east). The property is located less than 10 miles from Newark Liberty International Airport and approximately 21 miles from New York City.
The HFF debt placement team representing the borrower was led by managing director Michael Klein.
“First Bank quickly understood the value-add potential that the building provided and, based on Penwood’s historical track record with similar assets and the strength of the Northern New Jersey industrial market, was confident that the borrower would be able to execute its business plan,” stated Klein.
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, Connecticut. 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 Southern California and New York/New Jersey due to the diverse demand generators, inherent supply constraints, dominant seaports, and unparalleled transportation infrastructure. For more information, visit penwoodre.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.