DH Property Holdings and Goldman Sachs Asset Administration have accomplished the sale of a brand-new logistics facility in Purple Hook, Brooklyn, to the funding arm of CBRE, Industrial Observer has discovered.
The three way partnership offloaded the 400,000-square-foot asset, totally leased to Amazon, at 640 Columbia Road for $330 million to CBRE Funding Administration, as demand for industrial actual property continues to surge throughout the nation, particularly in port cities.
“We imagine that heightened demand for city, infill logistics amenities, spurred by shrinking supply home windows and rising client expectations, will maintain sturdy demand for logistics area over the subsequent few years,” Mary Lang, head of Americas direct logistics methods for CBRE Funding Administration, mentioned in a press release. “[The property] is positioned on the confluence of inbound deliveries to the New York metropolitan space and serves as a premier last-mile facility to a few of the densest ZIP codes within the U.S., making this a strategic match with our broader logistics technique.”
DH Property Holdings and Goldman Sachs purchased the location in 2018 for $47.5 million and constructed the four-story facility on a 4-acre plot of land. It totally leased it to Amazon when the e-commerce big signed a 12-year deal in 2021, in response to The Actual Deal, which first reported the sale was within the works.
“640 Columbia is a rare facility that gives unparalleled entry to Manhattan, Brooklyn, Queens and the higher metropolitan area,” Dov Hertz, who based DH Property Holdings in 2016, mentioned in a press release. “It’s the first multistory property working within the Northeast and supplies a robust long-term funding whereas positioning its tenants to outperform opponents available in the market.”
Cushman & Wakefield’s Adam Spies, Doug Harmon, Joshua King, Adam Doneger, Gary Gabriel and Kyle Schmidt represented the sellers within the deal, whereas CBRE Funding Administration had in-house illustration. C&W declined to remark.
The sale follows the November 2021 sale by DH Property Holdings of one other Amazon distribution heart at 55 Bay Road, additionally in Purple Hook, to Brookfield Properties for $45 million.
Mark Hallum could be reached at email@example.com.