Over the past couple of months,
“We don't view this as a one-off or a two-off acquisition,” said Penwood Managing Director
While these recent acquisitions technically represent Penwood's entrance into the
His most recent round of acquisitions in the
Then in March, Penwood acquired a roughly 81,000-square-foot industrial building on about 10.6 acres at
Freeman said Penwood is planning significant renovations to the two buildings to enhance their market appeal. That includes upgraded loading areas, building mechanical systems, office improvements, exterior cosmetics and roof replacements, he added.
“That's the overall Penwood strategy,” Freeman said. “We're not a buyer, generally, of long-term stabilized assets. We're more of an investor in buildings that require some hands-on activity.”
In addition, Penwood and its development partner,
While Penwood has had a busy last couple of months in the region, Freeman said the company is seeking additional investments in
“We're intimately familiar with the market and view this as just the beginning of our activities there,” Freeman said.
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