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HFF announces $7.77M sale of a value-add industrial building located on 3.5 acres in the heart of the Meadowlands


 Holliday Fenoglio Fowler, L.P. (HFF) announces that it has closed the $7.77 million sale of 463 Barell Avenue, a 71,745-square-foot, value-add industrial building in the New York City area community of Carlstadt, New Jersey. 

The HFF team marketed the property on behalf of the seller.  Penwood Real Estate Investment Management, LLC purchased the asset.

463 Barell Avenue is situated on 3.5 acres in the exceptional Meadowlands Industrial submarket. The property features two loading doors, six drive-in doors, 14- to 21.5-foot clear heights, wide column spacing, and ample parking.  With its “last-mile” location just minutes from The New Jersey Turnpike (Interstate 95); Routes 3, 17, 46, 1 and 9; and Interstate 80, the property provides direct access to Midtown Manhattan.  Additionally, the property is less than 15 miles from Port Newark-Elizabeth, the largest containerized deep-water shipping terminal on the East Coast.

The HFF team included senior managing director Jose Cruz, directors Jordan Avanzato, Marc Duval and associate J.B. Bruno, as well as senior managing director Kevin O’Hearn and senior directors Steve Simonelli and Michael Oliver.

“There was strong demand from the investment community due to the property’s irreplaceable ‘last-mile’ location, clear upside in rents and pricing below replacement costs for similar industrial opportunities in the Meadowlands,” Avanzato said. 

“Industrial investments in Northern New Jersey continue to attract both institutional and private capital at aggressive pricing, especially within the infill markets,” added Cruz.

HFF and Holliday GP Corp. (“HFF”) are licensed New Jersey real estate brokers.

About Penwood Real Estate Investment Management, LLC
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 with regional offices in New Jersey and California.  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 New Jersey/Pennsylvania and Southern California due to the diverse demand generators, inherent supply constraints, dominant seaports and unparalleled transportation infrastructure in each region.  For more information, please visit

About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.  HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.  HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).  For more information, please visit 

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