CenterPoint Snaps Up Second Warehouse for South Bronx Assemblage
Posted By Staff Writers On August 25, 2021 @ 9:43 am
OAK BROOK, IL – Three months after CenterPoint Properties acquired its first-ever Bronx property – 1080 Leggett Avenue – the company has purchased the property next door at 511 Barry Street.
Both properties are leased long-term to an e-commerce retailer, effectively giving CenterPoint a more than 9-acre distribution campus in one of the most advantageous logistics areas in New York City.
“Certainly, our goal was to acquire both buildings, so we’re thrilled to see our strategic plan come to fruition,” said CenterPoint Senior Vice President of Investments PJ Charlton. “Parking and a premium location are essential in today’s competitive logistics environment, and those are unquestionably the hallmarks of this property,” Charlton emphasized.
The 81,000-square-foot Barry Street building covers 32 percent of the property’s 4.6 acres. The spacious lot provides tremendous capacity for car parking, delivery vehicles and trailers.
“Most industrial buildings in the South Bronx are anywhere from 60 to 100 years old and are functionally challenged with very little parking,” said CenterPoint Investment Officer Mac Lee. “511 Barry’s low coverage ratio, ample loading and on-site parking capabilities make it stand out as an excellent quick throughput, urban delivery station in one of America’s fastest-growing e-commerce logistics submarkets,” Lee concluded.
The Bronx’s vacancy rate has hovered around one percent over the past five years, a by-product of the infill submarket’s premier location for last-mile distribution. Manhattan is just 5 miles away, giving the tenant access to some eight million consumers within about an hour’s drive.
Brian Fiumara of CBRE National Partners, Doug Middleton and Ryan Silber from CBRE’s New York Investment Properties group, and JLL’s Rob Kossar, Tyler Peck, Leslie Lanne and Andrew Scandalios brokered 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.