Penwood Real Estate Investment Management Announces Acquisition of 1683 Sunflower Ave. in Costa Mesa, CA

 Hartford, CT – October 1, 2012- Penwood Real Estate Investment Management, LLC (“Penwood”) announced today that Penwood Select Industrial Partners III, L.P., Penwood’s third value-added investment vehicle, has closed on the acquisition of a 345,000 square-foot industrial building at 1683 Sunflower Avenue (top left aerial photo) in Costa Mesa, CA.

 The two-tenant building was acquired with a 112,000 square-foot vacancy.

Mitch Zehner

Mitch Zehner of Voit Real Estate Services’ Anaheim Metro office and Michael Hartel of Voit’s Irvine office represented Penwood as the buyer on the property.

 According to Voit’s Zehner, “As a full-service firm, Voit was able to use its acquisition and asset strategy team to assist Penwood not only in identifying this opportunity, but also in planning, due diligence, underwriting and now operations and leasing.” 

 Penwood’s Richard Chase agrees, adding, “The Sunflower investment provides for an attractive income stream and tremendous upside potential.”

Michael Hartel

The property is located within close proximity to John Wayne Airport with frontage on the 405 Freeway with 400,000 cars passing by the property daily.

  “The freeway frontage provides strong appeal to potential tenants due to visibility and ease of access,” Hartel notes.

 Penwood and Voit will improve the landscape and vacant space to position the property for tenants seeking space in a dynamic and high profile location.  

 Zehner and Hartel have been named the exclusive leasing representatives for 1683 Sunflower Avenue.  Information on leasing the property is available from Zehner and Hartel at mzehner@voitco.com or mhartel@voitco.com.

For a complete copy of the company’s news release, please contact:

Judith Brower/Jenn Quader

Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com