PLYMOUTH MEETING – Pennmark founder Donald Cafiero has announced that it has raised $60 million for its real estate fund, reaching the fund’s hard cap.
Focused on the Mid-Atlantic area of the United States, the Pennmark team of investment professionals makes opportunistic investments across retail centers in secondary and tertiary markets.
“The Clearfield area is seeing great benefits from having Pennmark investing in Clearfield County. The improvements Pennmark is making to their commercial retail properties are helping to create jobs and are having a positive impact on our community,” stated Mark B. McCracken, Clearfield County commissioner.
Pennmark’s five prior funds have been active in most areas of commercial real estate including, retail, office, industrial, flex, the hospitality industry and most recently, conversion of prior uses to first class medical centers in areas such as Beaver Falls, Waynesburg and Sewell, NJ.
In commercial real estate, Pennmark has invested in more than three million square feet in areas such as Clearfield, Washington Courthouse, Ohio, Lancaster and many more in Pennsylvania, New Jersey, New York and Ohio markets.
Operated in the United States since 1972, Pennmark has been successfully developing commercial properties that bring together superior tenants, prime locations and exciting architectural designs.
It is The Pennmark Process that is at the heart of the success in managing numerous commercial properties throughout the Delaware Valley, which brings together strong site selection, creative leasing solutions and a thorough design and construction implementation.
Christopher Cafiero, vice president of construction and property management, is able to plan and construct medical centers at generally half the cost of major medical agencies.
“The community of Washington Courthouse is thrilled with a retail tenant for the PennMark property on Columbus Avenue. Successful repurposing of former big box retail locations is never easy and requires an owner with vision and a local community willing to work with the property owner. In our case, Washington Courthouse and PennMark were a great fit,” stated Joe Denen City manager in Washington Courthouse, Ohio
Robert Sichelstiel, chief financial officer and broker of record, who has been with the team since 1994, stated, “We appreciate the strong support of our communities and local government agencies. We believe the robust interest in rural communities is an acknowledgement of our successful focus on opportunistic investments in real estate, and we look forward to continuing to create value in our portfolio.”
Dr. William Grigsby Ph.D., community development liaison, stated, “I have always insisted on creating value within small local communities, and rural places where we are invested in. Pennmark gives back and provides direct support to the communities in which it works in.”
If there is a property you would like to submit, please contact Robert Sichelstiel at 610-272-6500, Ext. 125. As with all dealings with Pennmark, confidentially is assured and brokers are always protected.