1080 Leggett Avenue

1080 Leggett Avenue is a 145,144 square foot urban logistics facility 100% net leased to a Fortune 50 Company for 10 years (LXP: Mar-30). The Property is ideally situated in the Bronx’s Hunts Point submarket, just 5 minutes from the Hunts Point Food Distribution Center, the largest food distribution center in the world, with the ability to access the greater Tri-State region’s large distribution base of over 20 million people. 1080 Leggett Avenue also features above market, last mile property specifications including 19 loading docks (loading ratio of 1 per 6,300 square feet), 4 drive-ins, and over 60,000 square feet of parking space. The Property offers prospective investors the rare opportunity to acquire investment grade credit real estate, with best-in-class property specifications in one of the most coveted urban logistics markets in the country, New York City. 

Long-Term, Investment Grade Credit Tenancy

• 100% NNN leased to a Fortune 50 company for 10 years (LXP: Mar-30)
• Below market in-place rent with contractual annual rent escalations of 3.0%
• Mission critical facility with significant tenant capital spend

Strategic, Urban Infill, Hunts Point Location

• 5 minutes from the Hunts Point Food Distribution Center, the largest food distribution center in the world
• 10 minutes from one of the most affluent neighborhoods in the country, Manhattan’s Upper East Side (household income: $123,000+)
• 3.9 million households (10.3 million people) within 15-miles with an average income of $112,000
• Ability to reach the densely populated Tri-State Region’s 20 million people within 30 minutes via I-87, I-278, and the FDR Drive

Recently Modernized Facility with Best-In-Class Property Specs

• Ownership recently completed a significant base building modernization plan
• Now eligible for a 25-year ICAP tax abatement
• Above market loading ratio of 1 loading dock per 6,300 square feet of distribution space
• 60,000 square feet of parking / excess land and 22’ ceiling heights
• Adjacent to rail siding with access to the Oak Point Rail Yard

Supply-Stricken Market with Strong COVID Demand Drivers

• Less than 2% vacancy for Class A and B product in the Hunts Point submarket
• 0% Class A cold storage vacancy
• U.S. e-commerce penetration surged mid-pandemic, accomplishing 10 years of growth in 90 days (from approximately 15% to 35%)