On May 30, 2006, 1201 Airport Road, L.P. purchased the balance of the land and all building structures at 1201 Airport Road. 

There are three structures located on this parcel.  There is a stone house, a large barn (which houses a backup generator), and a 6,240 square foot office building.  This property is adjacent to a Townhouse Development that we are working on.  This parcel is located in a different Township from the townhouses parcel and this parcel has commercial uses.  The office building has one tenant leasing the entire building.

While housing demand has softened, businesses are still locating in the area and entry-level housing is still selling.  We feel either an office building, restaurants, or a hotel would fit nicely on the site.  This property is located within five miles of Penguin Industries, Inc. headquarters.

Penguin Real Estate Investors, LP