Investors who offered a South Bronx warehouse sixteen months ago and then leased it to Amazon have a deal in the region to cash out at almost triple their preliminary investment.
MRP Realty and AEW Capital Management are in a settlement to sell the 116,000-square-foot commercial property at 1300 Viele Avenue within the Hunt’s Point section to an excessive internet-worth family for $70 million; sources told The Real Deal. The contract price works out to about $600 per rectangular foot.
A consultant for MRP Realty declined to remark. The identification of the circle of relatives shopping for the assets wasn’t disclosed. A Cushman & Wakefield team of Adam Spies, Doug Harmon, Kevin Donner, Adam Doneger, and Anthony Pasquale negotiated the deal for the sellers.
Washington, D.C.-based totally MRP Realty teamed up with AEW Capital Management – the $ seventy-five billion real estate manager owned by way of French investment financial institution Natixis – in late 2017 to shop for the two-building warehouse complicated taking up a complete block at 1300 Viele and 1301 Ryawa Avenues for $25.6 million.
The partners poured about $6 million into renovating the houses, and the remaining 12 months leased them to Amazon for the employer’s first ultimate-mile distribution middle in the Bronx. Warehouse and industrial properties have ended up hot commodities because of a more call for remaining-mile space that may be used to deliver e-trade purchases during the town.
Late remaining yr, Maryland-based logistics corporation Realterm Logistics paid $one hundred fifteen million – or approximately $three hundred consistent with square foot – for a warehouse inside the Morris Park segment of the Bronx. Pricing for commercial properties within the Bronx averaged shy of $240 per rectangular foot at some point of the primary quarter, in step with Ariel Property Advisors.
MRP Realty made its first buy in New York in 2015 — a decade after it was founded in 2005 — while the corporation bought a workplace apartment at 133 West 52nd Street for $36 million in a joint venture with Long Wharf Real Estate. The agency, headed via dealing with essential Bob Murphy, offered the rental closing 12 months for $ forty-six million.
MRP’s largest purchase thus far in New York is the one hundred seventy-five,000-rectangular-foot office construction at 405 Park Avenue in Midtown East, which it bought for $240 million in 2016 with Deutsche Bank Asset Management.
The proprietors ultimate year bought 30,000 square ft of development rights from St. Patrick’s Cathedral – the second air-rights deal following the city’s 2017 rezoning of Midtown East – and reportedly plans to add 4 floorings of workplace space spanning 205,000 square ft.
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