S hopping C enters S outhern NJ S potlight

M id A tlantic Real Estate Journal — Southern NJ — July 22 - August 18, 2022 — 5B


A 277,000+/- s/f industrial building situated on 33.9 acres in the City of Bordentown Penwood Real Estate Investment Management announces the acquisition of 201 Elizabeth St.

B ORDENTOWN, NJ — Penwood Real Es- tate Investment Man- agement, LLC (Penwood) , through its sixth value-added investment vehicle, Penwood Select Industrial Fund VI, L.P., is pleased to announce the acquisition of a 277,000+/- s/f industrial building situated on 33.9 acres in the City of Bordentown. The property is located along the I-95/NJ Turn- pike Corridor and is situated within the Central New Jersey industrial submarket. This location is less than 30 miles from the Port of Philadelphia (aka PhilaPort) and 55 miles from the Port of New York/New Jersey, providing accessibility to and throughout the New Jer- sey, Greater Philadelphia, New York City, Greater Maryland, and Washington DC metropoli- tan markets. Andrew MacDonald , vice

201 Elizabeth Street

age, which is in high demand in the market.” Penwood has ex- tensive experience developing and/or rehabilitating industrial projects in Southern California, Las Vegas, New Jersey, and Pennsylvania. Penwood worked closely with both Mindy Lissner at Cush- man & Wakefield , represent-

president of acquisitions at Penwood, commented that “the centrally located property provides excellent access to a large population base.” Remell Chung , asset manager at Pen- wood, notes that “the property has excess land providing fu- ture tenants options for outdoor storage or excess trailer stor-

ing Penwood as the buyer, and Steven Schultz at Newmark, representing the seller, to con- summate the transaction. Penwood is an entrepre- neurial real estate investment advisory firm dedicated to managing value-added real estate investments for the in- stitutional market. Formed in

2003, the firm is a Registered Investment Adviser based in West Hartford, CT. Penwood combines experienced invest- ment management with the local-market expertise of estab- lished strategic relationships and a disciplined management process to optimize value for investors. MAREJ

Roddy Inc. brokers the sale of a 71,280 s/f new construction warehouse/manufacturing facility in Burlington, NJ

BURLINGTON, NJ — Roddy Inc. , the Bensalem, PA industrial and commercial real estate brokerage firm, announced that Sean Durkin brokered the sale of 2001 US Route 130, Burlington, a new construction one-story build- ing of ±71,280 s/f situated on 5.68 acres – to Novacart, Inc. for $14,612,400. The modern one-story build- ing is heated and sprinklered throughout and offers ceiling heights from 40’0” to 36’0” clear, 14 tailgate loading docks and two drive-in doors. Ideally located along Route 130 and the New Jersey Turn- pike - Exit 6A in Florence Township, Burlington County. The property is situated at the entrance of the Haines Center, an approximate 800 acre rail-served business com- plex housing such tenants as Destination Maternity, BJ’s Wholesale Club, HD Supply and Trane. The property is just 45 minutes from Metro- politan Philadelphia, 20 min- utes from Trenton, NJ and 80

2001 US Route 130, Burlington, NJ

minutes from New York. Novacart is the world leader in design, manufacture, and distribution of paper products for the baking and confec- tionery industries as well as the US leader in tulip cup production and customization

capabilities. Their innovative engineering and state-of-the- art proprietary technology serves customers from small corner bakeries to large com- mercial production facilities. Their customers benefit from their 90 plus years of experi-

ence producing paper products for the baking and confection- ary industries. Established in 1926 in Gar- bagnate Monastero, Italy, Novacart today has facilities in the United States, Brazil, England, France, Spain, Italy,

Switzerland, Sweden and Russia. Their US headquar- ters are located in Richmond, California. The company pur- chased 2001 US Route 130 as part of an expansion to accommodate their continued growth. MAREJ

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