Bordentown, NJ — JLL Capital Markets has arranged $40 million in acquisition financing for 201 Elizabeth St., a 274,197 s/f warehouse and distribution facility in Bordentown, Burlington County.
JLL worked on behalf of the borrower, Penwood Real Estate Investment Management, LLC, through its sixth value-added investment vehicle, Penwood Select Industrial Fund VI, L.P., in securing the three-year, floating-rate loan with the Real Estate Finance group at CIT, a division of First Citizens Bank.
The 33.9-acre property has 22’-24’ clear heights, 16 dock-high doors, two drive-in doors, a 215’ truck court, 42’ x 38’ column spacing, 116 car parking spaces and 67 trailer parking spaces. The property is currently leased on a short-term basis with plans to implement a strategic capital improvement plan in early 2023.
201 Elizabeth St. benefits from its position near key highways including the New Jersey Tpke., I-295 and Rtes. 1, 206 and 130. As a result, tenants can supply three of the region’s largest population centers, Philadelphia, New York City and Baltimore/Washington, D.C., within a two-hour drive. This access to major thoroughfares provides the ability to reach 73% of the U.S. population within a twenty-four-hour drive. The Philadelphia International Airport, the Port of Philadelphia, Newark Liberty International Airport and the Port of New York and New Jersey are all less than 60 miles from the warehouse.
The JLL Capital Markets team representing the borrower was led by senior managing director Michael Klein, director Max Custer and associate Ryan Carroll.
“Penwood is in a great position to implement an extensive capital improvement program to the property that will help attract tenants and allow them to capitalize on the market’s low vacancy and growing asking rents,” said Klein.
“CIT’s Real Estate Finance team was able to quickly grasp Penwood’s business plan and put together an attractive financing proposal that will fund the transformation of 201 Elizabeth St. into a well-located, highly functional warehouse and distribution facility,” added Custer.
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 West Hartford, CT. 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.
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