CenterPoint Properties Plants Flag in Bronx with Last-Mile Acquisition
Posted By Staff Writers On May 19, 2021 @ 1:10 pm
OAK BROOK, IL – CenterPoint Properties has purchased a recently renovated last-mile warehouse at 1080 Leggett Avenue in its first-ever Bronx 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 145,144-square-foot warehouse features 18 dock-high loading positions and is situated on 4.8 acres. CenterPoint targeted the property for its preeminent infill location along with 1.5 acres for parking in the most land-constrained industrial market in the U.S.
“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,” Lee concluded.
The facility is less than 5 miles from Manhattan and is surrounded by some 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,” Charlton added.
Rob Kossar, Andrew Scandalios and Tyler Peck of JLL represented the seller in the transaction.
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CenterPoint is an industrial real estate company made up of dedicated thinkers, innovators and leaders with the creativity and know-how to tackle the industry’s toughest challenges. And it’s those kinds of problems—the delicate, the complex, the seemingly-impossible—that we relish most. Because with an agile team, substantial access to capital and industry-leading expertise, those are exactly the kinds of problems we’re built to solve. For more information on CenterPoint Properties, visit centerpoint.com, follow @CenterPointProp on Twitter or engage with us on LinkedIn.