Brookfield Pays $28M for Bronx Distribution Facility
- Dec 15, 2020
AEW Global Real Estate Investment Management Services and MRP Realty have sold 845 E. 136th St. in South Bronx, N.Y., for $27.9 million. Brookfield Properties picked up the 94,675-square-foot distribution facility, with JLL Capital Markets closing the sale. According to CommercialEdge data, the property last traded for $19.1 million in 2017.
Situated on 1.3 acres within a designated Federal Empowerment Zone in the Port Morris neighborhood, the urban infill property sits between Interstate 278 and the East River. Upper Manhattan is roughly 2 miles away and the rest of the Tri-State region is within easy reach.
Completed in 1931, the facility underwent a cosmetic renovation in 2017. The property includes solar panels, 16 loading docks and up to 30-foot ceiling heights. The United States Postal Service occupied 65 percent of the asset under a license agreement that expired in January 2020.
Senior Managing Director Andrew Scandalios, Senior Director Tyler Peck, Senior Managing Director Rob Kossar and Managing Director Karl Brumback made up the JLL team representing the seller. In another recent deal in the Bronx, a self storage property spanning 105,877 square feet traded 3 miles north of Brookfield’s distribution facility. Tuck-It-Away Self Storage sold the asset for $26 million.