PENWOOD Real Estate Investment Management

Steven L. Berman chairs PENWOOD and leads investment decisions. The firm operates as a centralized investment manager without a separate, externally named CIO. Berman's involvement across acquisitions, asset management, and dispositions reflects the firm's lean organizational structure.

PENWOOD pursues a value-add strategy focused on industrial, warehouse, and logistics properties in infill locations across the Northeastern United States. Core markets include Northern New Jersey, Eastern Pennsylvania, and the greater New York City metro area. The firm targets assets with vacancy, near-term lease rollover, or functional obsolescence, then executes capital improvement and re-tenanting programs.

PENWOOD typically targets transactions between $10 million and $50 million in total capitalization. This places the firm in the middle-market segment, below the threshold where the largest institutional managers compete but above where smaller local operators can easily access equity and debt capital for complex repositioning projects.

PENWOOD sources acquisitions primarily through regional broker relationships and its principals' decades-long track record in Northeastern industrial markets. The firm relies on off-market and lightly marketed transactions, supported by its reputation as a credible, all-cash or low-leverage buyer that can close quickly on complex, operationally intensive properties.

PENWOOD executes direct property acquisitions and does not market a blind-pool commingled fund to external institutional investors. Its deal-by-deal capital formation has historically been private, without public filings or publicly announced fund closes. The firm has not disclosed participation as a limited partner in other managers' vehicles.