CenterPoint Properties Acquires Bronx Logistics Center for Nearly $117M
Real Estate In-Depth | May 25, 2021
NEW YORK—Oak Brook, IL-based CenterPoint Properties has acquired a 145,144-square-foot Class A urban logistics center at 1080 Leggett Ave. in the Bronx for $116.5 million.
CenterPoint purchased the fully-leased property from Goldman Sachs Asset Management and Blumenfeld Development Group, Ltd. Brokerage firm JLL represented the seller in the transaction.
The deal comes less than 18 months after the company entered the New York City boroughs with a nearly 1 million-square-foot Brooklyn portfolio investment.
The Bronx warehouse features 18 dock-high loading positions, four drive-ins and is situated on 4.8 acres. CenterPoint targeted the property for its preeminent infill location along with 1.5 acres for parking.
“The location of 1080 Leggett Avenue in the southwest corner of Hunts Point is logistically strategic, and the asset is Class A by boroughs’ standards,” said CenterPoint Investment Officer Mac Lee. “1080 Leggett’s last-mile distribution functionality and premiere proximity to Manhattan make it irreplaceable,”
The facility is located less than five miles from Manhattan and is surrounded by approximately seven million consumers within a 10-mile radius. It’s also minutes from the Hunts Point Food Distribution Center, the largest food distribution hub of its kind in the world.
“As we look at the landscape of New York City investment opportunities, this property jumped out as one we wanted to own and is a nice addition to our existing portfolio,” said CenterPoint Senior Vice President of Investments PJ Charlton. “This purchase puts us on the map in the Bronx and further validates CenterPoint as a long-term investor in New York City.”
The JLL Capital Markets team was led by Senior Managing Directors Andrew Scandalios and Rob Kossar, Senior Director Tyler Peck and Managing Director Karl Brumback. Executive Managing Director Leslie Lanne secured the tenant and assisted in the sale as well.