220 Rittenhouse Circle Trades for $6.8M

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100KSF+ Facility On I-95 Corridor to Undergo Improvements

November 11, 2019 [Bristol, PA] – Colliers is pleased to announce the recent sale of 220 Rittenhouse Circle in Bristol, PA. The property, a 100,800-square-foot and 6.79 acre industrial facility of the Lower Bucks County submarket, traded for $6.8 million. Colliers will remain the exclusive leasing agent for the new owner, Penwood Real Estate Investment Management.

220 Rittenhouse sits along the I-95 corridor, less than 3 miles from New Jersey and approximately 17 miles from downtown Philadelphia. Strategically located within the Keystone Industrial Park, the property offers immediate access to I-95 and the newly completed interchange connection to the Pennsylvania Turnpike.  Corporate neighbors within Keystone Industrial Park include FedEx, Estee Lauder, L3 Communications, Office Depot, and Iron Mountain. Penwood plans to implement a capital improvement program, which includes adding additional loading to improve the property’s attractiveness for leading logistics companies.

Penwood manages a series of discretionary closed-end funds and is focused on industrial acquisitions and development in New York, New Jersey, Pennsylvania and Southern California. Jim Scott of Colliers facilitated the transaction and will be representing Penwood marketing the property for lease going forward. 

For further information, contact:  
Jim Scott, Senior Vice President  +1 856 316 4139 | Jim.Scott@colliers.com 

 

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About Penwood Real Estate Investment Management, LLC
Penwood is an entrepreneurial real estate investment advisory firm dedicated to managing value-added real estate investments for the institutional market. Formed in 2003, the firm is a registered Investment Adviser based in West Hartford, CT. Penwood combines experienced investment management with the local-market expertise of established strategic relationships and a disciplined management process to optimize value for investors.  Penwood’s investment focus remains on value-add investment opportunities in the Global Gateway markets of Southern California and New York/New Jersey due to the diverse demand generators, inherent supply constraints, dominant seaports, and unparalleled transportation infrastructure.

Learn more at www.penwoodre.com

 
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.
 
Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn

 

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Jim Scott

Senior Vice President | Southern New Jersey

Mount Laurel

Jim specializes in the leasing, sales and acquisition of commercial and industrial properties. Additionally, Jim's clients utilize his experience and expertise to consult on non-transactional projects, including advanced financial analysis, portfolio management, and long-term strategic planning to maximize the value of real estate assets.

 

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