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Developer Plans 290,000-SF Warehouse in Newark

HFF Arranges $16.2M in Construction Financing for Project
March 6, 2018
A developer that’s expanding its footprint in Northern New Jersey is part of a joint venture that plans to build a 290,000-square-foot industrial property in Newark, NJ.

Penwood Real Estate Investment Management LLC is partnering with Penford Group to develop a speculative distribution facility at 256 Vanderpool St. Penwood is based in Hartford, CT, and Penford is headquartered in Gladstone, NJ.

The industrial property is slated for roughly 14.9 acres in the East Newark Industrial submarket of Essex County.

When it delivers in the third quarter of 2018, the state-of-the-art warehouse will have 40-foot clear heights, 64 loading docks, 79 trailer stalls and 8,702 square feet of office build-out, according to a press release from Holliday Fenoglio Fowler (HFF) LP, which arranged construction financing on behalf of the ownership group.

The firm arranged $16.2 million for the development, placing the financing package with Principal Real Estate Investors in Des Moines, IA. The HFF debt team representing the developer included Michael Klein, managing director, and Matthew Pizzolato, director with the company's Florham Park, NJ, office.

"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 in a statement. "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."

The Portside Distribution Center site is roughly two miles from the Port of Newark-Elizabeth and four miles from Newark Liberty International Airport. Penwood is the project developer, and the full-building availability is listed with CBRE's Benjamin Shapiro, Mindy Lissner and William Waxman.

Linda Moss, Northern New Jersey Market Reporter  CoStar Group   
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