{"id":1004159649,"date":"2016-11-22T02:29:54","date_gmt":"2016-11-22T10:29:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004159649"},"modified":"2022-03-04T03:44:05","modified_gmt":"2022-03-04T11:44:05","slug":"penwood-grabs-116-ksf-warehouse-in-new-jersey","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/penwood-grabs-116-ksf-warehouse-in-new-jersey\/","title":{"rendered":"Penwood Grabs 116 KSF Warehouse in New Jersey"},"content":{"rendered":"<p>by Adina Marcut<\/p>\n<div id=\"attachment_1004159670\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/1501-1525-W.-Blancke-St.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004159670\" data-attachment-id=\"1004159670\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/penwood-grabs-116-ksf-warehouse-in-new-jersey\/1501-1525-w-blancke-st\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/1501-1525-W.-Blancke-St.png\" data-orig-size=\"800,449\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1501-1525 W. Blancke St\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/1501-1525-W.-Blancke-St.png?w=800\" loading=\"lazy\" class=\"wp-image-1004159670 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/1501-1525-W.-Blancke-St.png\" alt=\"1501-1525 W. Blancke St\" width=\"300\" height=\"168\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/1501-1525-W.-Blancke-St.png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/1501-1525-W.-Blancke-St.png?resize=300,168 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/1501-1525-W.-Blancke-St.png?resize=768,431 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004159670\" class=\"wp-caption-text\">1501-1525 W. Blancke St<\/p><\/div>\n<p><strong>New Jersey\u2014<\/strong><a href=\"https:\/\/www.hfflp.com\/\" rel=\"nofollow noopener\" target=\"_blank\">HFF<\/a> recently announced that it has arranged $7 million in acquisition financing for 1501-1525 W. Blancke St., a 115,913-square-foot warehouse fully leased to two tenants in Linden, N.J.<\/p>\n<p>HFF worked on behalf of the borrower,  <a href=\"https:\/\/penwoodre.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Penwood Real Estate Investment Management LLC,<\/a> 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. The HFF debt placement team representing the borrower was led by Managing Director Michael Klein.<\/p>\n<p>\u201cFirst Bank quickly understood the value-add potential that the building provided and, based on Penwood\u2019s 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,\u201d said Klein in prepared remarks.<\/p>\n<p>The property consists of a single-story building fully leased to Vantage Specialty Chemicals and HelloFresh. Situated on 4.5 acres in Union County, 1501-1525 W. Blancke St. is serviced by northern New Jersey\u2019s extensive highway network, including New Jersey Route 1\/9, the Garden State Parkway and the New Jersey Turnpike.  The property is located less than 10 miles from Newark Liberty International Airport and approximately 21 miles from New York City.<\/p>\n<p><em>Image courtesy of Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The single-story building traded for $7 million, with a little help from HFF and First Bank New Jersey.<\/p>\n","protected":false},"author":2518,"featured_media":1004159670,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,1600,21742,10],"tags":[32792],"class_list":["post-1004159649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-new-york","category-latest","category-northeast","tag-hff"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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