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Deals & Dealmakers

JLL tapped as property managers for Penwood’s NJ warehouses

JLL has been selected by Penwood Real Estate Investment Management as exclusive property manager for two New Jersey warehouse properties.

Photo by Walmart/ Flickr
Photo by Walmart/ Flickr

The 115,000 s/f 1501 West Blancke Street and the 81,700 s/f 2401 East Linden Avenue, both in Linden, were recently acquired by Penwood.

“These are important new assets that provide a foothold in New Jersey for the real estate company. Ownership turned to JLL for our proven expertise in overseeing all forms of industrial real estate,” said Angela Alfano, senior vice president and industrial property management lead in New Jersey.

Alfano a member of the teams providing property management services for the two warehouse and distribution facilities.

The JLL team includes Linda Aronson, managing director for the New York tri-state region; Pam Buchmann, general manager for 1501 West Blancke Street and 2401 East Linden Avenue; and Maggie Blazeska, property administrator.

Penwood acquired 1501 West Blancke Street from Tulfra Real Estate. The warehouse and distribution facility was built in 1973 and sits on 4.6 acres between Marion Avenue and Lindegar Street in Linden.

The property features 15,000 s/f of office space and 16-foot to 24-foot clear ceiling heights.

The company recently acquired 2401 East Linden Avenue from 265 Pennsylvania Realty, LLC.

The warehouse and distribution facility was built in 1975 and sits on 3.5 acres of land between Park and Ashton avenues in Linden. The fully occupied property features 5,000 s/f of office space, 10 loading docks and 21-foot ceilings.

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