Penwood, Shaw Sell San Bernardino Industrial Facility to Global Manufacturer
A partnership between Hartford, CT-based Penwood Select Industrial Partners III, L.P., and Newport Beach, CA-based Shaw Development Partners, LLC divested a newly-developed 154,451-square-foot industrial warehouse building in San Bernardino, CA for $18.23 million. The buyer was an unnamed global consumer products company, which plans to use the property for its own operational and distribution needs.
Voit Real Estate Services’ Frank Geraci, Juan Gutierrez and Adam Geiger represented the seller.
Geraci says, “The development of this property was exceptionally well-timed in this highly-competitive industrial market.”
Voit represented the development partnership in the 2015 acquisition of the property, which consisted of a vacant 197,000 square-foot industrial manufacturing building on 7.59 acres, together with an adjacent 7.12-acre parcel of vacant land where the new building at 2705 Lexington Ave. was entitled and developed.
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