On August 27, 2008, Penguin Pencader, LLC purchased, 701 Pencader Drive, Newark, DE.

The Property is a 151,000 square foot industrial building located in the Pencader Business Park 1 mile south of the Route 896 & Interstate I-95 Interchange in Newark, DE.  The Park is the largest in Delaware with 2.5 million square feet of existing buildings. Only 10 acres of land remain to be built in the park, thus the market is supply constrained.  The building has 25-foot high ceilings, 15 loading docks, 2 drive-thru doorways and 2500 amp 480-volt service.  The building was built by Emory Hill McConnell in 1988 and is designed for multi-tenant use.  The Class A-/B+ facility is in excellent condition and currently 100% occupied by two tenants.

Penguin Real Estate Investors, LP