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Deals & Dealmakers

Penwood flips NJ warehouse to hat maker Cheveux

Connecticut-based Penwood Real Estate Investment Management has flipped a Meadowlands warehouse to hat maker Cheveux.

NAI James E. Hanson brokered the sale of the 76,624 s/f industrial building at 463 Barell Avenue in Carlstadt, N.J.  Scott Perkins, Thomas Vetter, Jeff DeMagistris and Christopher Todd represented Penwood.  Elite Realtors of NJ and Team Resources represented Cheveux Corp in the transaction. The sale price was not disclosed.

Penwood picked up the property for $7.7 million last summer and planned a renovation aimed at elevating the property in the supply constrained Meadowlands submarket.

“After listing the space for lease, we experienced purchase interest from companies looking to locate proximate to the dense population base and multiple transportation nodes” said Christine Kubas, managing director of asset management at Penwood.

“The investment provided the purchaser an opportunity to acquire a well-located infill site offering direct access to the New York Metro region,” added Remell Chung, Asset Manager.

Situated on 3.5 acres, 463 Barell Avenue features an industrial layout with clear ceiling heights ranging from 16 to 21.6 ft, two loading docks, and six drive-ins.  The property also offers 19,369 s/f of office space on two floors and 190 parking spaces. It offers access to Routes 3, 17, 46, 80 and the New Jersey Turnpike, a few miles from Newark Liberty International Airport and Port Newark Elizabeth, two of the region’s primary international logistics hubs.

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