AEW, MRP Land $26M Bronx Industrial Complex
- Jan 03, 2018
A joint venture between MRP Realty and AEW Capital Management has purchased a two-building industrial complex in the Bronx. The seller, TCW Leasing Co., received $25.6 million for the assets, which total 120,000 square feet of warehouse and distribution space. According to PropertyShark, the sale was funded by a $19.5 million acquisition loan provided by East West Bank.
The properties are located at 1300 Viele Ave., and 1301 Ryawa Ave., in the heart of the borough’s Hunts Point neighborhood, which houses one of the largest food distribution facilities in the world and an upcoming television production complex. Additionally, the new owners have already embarked on a $5 million renovation program. Amenities include expandable loading docks, eight interior tailgate doors, seven drive-in doors and 2,800 square feet of fenced storage space.
CBRE Senior Vice President John Reinertsen, Pantheon Properties Senior Vice President Matt Corpuel and Principal Gary Capetta represented the seller in the marketing of the assets and in the transaction.
“We see a lot of potential in the complex by food corporations and just-in-time distributors, as well as movie and television production companies,” Capetta said in a prepared statement.
Image courtesy of CBRE