On December 12, 2005, Penguin Real Estate Investors, L.P. purchased a 50 % interest in Fenwick Gateway, LLC.  Fenwick Gateway, LLC owns property situated at the intersection of Routes 1 and 54 in Sussex County, Delaware. 

The property consists of a lot that is 150’ x 90’. In June of 2007 we completed construction on the site of a 3.5 story 7,000 square foot building.  The building consists of 3 retail spaces on the ground level and 2 condo/ apartments on the upper floors.  We have sold one retail store and the two condo/apartments to Fisher’s Popcorn. The property is outstanding and is highly visible.  The property is an A+ commercial location and also has a strong residential demand as well.  It is arguably one of the four best commercial traffic locations in Sussex County Delaware.  The property is located on the South East Corner of Routes 1 & 54, which places it on the ocean side of Route 1.   Route 54 is the major roadway coming into the seaside community of Fenwick Island.  The ocean is less then 400’ down the street.

Fenwick Gateway, LLC has retained ownership of 2 retail store spaces. We have combined the 2 retail spaces into to one store. This space is currently being leased to a diner operator.  If need be, the area can easily be converted back to 2 spaces.       

Penguin Real Estate Investors, LP