BentallGreenOak Buys Amazon-Leased Brooklyn Warehouse
- Feb 04, 2021
BentallGreenOak has acquired a 90,000-square-foot Brooklyn industrial property leased to Amazon from a joint venture between Harbor Group International and Turnbridge Equities.
Located at 2300 Linden Blvd. and 835 Essex St., the property was built in 1957 and acquired by HGI and Turnbridge in May 2018 via a master lease transaction. The partners invested $2.6 million to modernize the then-vacant property, scoring a long-term lease with Amazon along the way. The e-commerce giant was interested in the property’s large, contiguous warehouse space as well as its location 5 miles west of JFK Airport and within a 30-minute drive of 10.5 million people, according to a statement from the seller.
Built on a 2.5-acre site, the one-story warehouse along Linden Boulevard features 20-foot maximum clear heights and 25- by 40-foot column spacing, according to CommercialEdge data. The office build-out occupies about 11 percent of the property’s space.
BentallGreenOak invests in a variety of property types around the world, with roughly $50.7 billion of assets under management as of September 2020. The firm boosted its U.S. industrial holdings last month by picking up North Bay Logistics Center, a 607,208-square-foot warehouse in Fairfield, Calif., for $73.5 million.
In another recent warehouse disposition from HGI and Turnbridge, the joint venture partners traded 100 Jefferson Road, a 553,435-square-foot industrial facility in Parsippany, N.J., last November. JFR Global Investment purchased the property for $85.3 million.