CenterPoint Properties has acquired the leasehold interest in a 925,411-square-foot, three-building portfolio on 29.69 acres, located in Brooklyn, New York, also known as the “Flatlands Portfolio.”
The street addresses are 101-01 Avenue D, 103-00 Foster Avenue and 101-10 Foster Avenue, as well as a one-acre lot between Avenue D and Foster on East 105th Street.
The Flatlands Portfolio is a highly functional assemblage of properties in the east New York City Borough submarket, with excellent access to the most populous city in the U.S. At closing, the Portfolio is 100% leased to thirteen different tenants.
“The Flatlands Portfolio represents a unique opportunity for CenterPoint to acquire scale within the NYC boroughs and immediately become one of the largest industrial landlords in the market,” said David Nenner, CenterPoint Senior Vice President of Asset Management. “As a result of e-commerce and the complex logistical challenge of ‘last-touch’ delivery, demand for warehouse space within the boroughs is as high as ever. CenterPoint plans to be extremely active in the boroughs moving forward.”
The Portfolio features many characteristics that are rare for warehouses in the New York City boroughs, including off-street car parking, secured loading and close proximity to the subway. The buildings’ clear heights range from 22’ to 32’.
“The Flatlands Portfolio is a strategic entry point for CenterPoint into the NYC boroughs – a market that has one of the highest barriers to entry in the country for investors and developers,” said Evan Lippow, CenterPoint Vice President of Investments. “Along the East Coast, CenterPoint has now acquired in excess of $300 million of infill assets over the past 6 months and is looking forward to continuing this high acquisition volume in 2020.”
The Seller was represented by Mat Diana, Paul Yuras and Peter Derbar of DY Realty in this transaction. The team at DY Realty will represent CenterPoint in the leasing of the Flatlands Portfolio moving forward.
This purchase is a strong addition to CenterPoint’s growing collection of properties in New York and Northern New Jersey, including a prime development site at 49 Rutherford in Newark, New Jersey and a Class A, fully leased building on the New Jersey Turnpike at 1049 Secaucus in Jersey City, New Jersey.