New York distribution facility trades for $27.9M

NEW YORK, December 14, 2020 — JLL Capital Markets has completed the sale of 845 East 136^th Street in the Port Morris section of the South Bronx on behalf of AEW Global Real Estate Investment Management Services and MRP Realty. The 94,675-square-foot distribution facility property was acquired by Brookfield Properties for $27.9 million.

845 East 136^th Street is ideally located in the South Bronx, providing easy access to New York City, including toll-free access to Manhattan’s Upper East Side. It also provides accessible highway transit to the Tri-State region’s vast population base of over 20 million people -- New Jersey, Westchester and Connecticut are all within 30 minutes. It is located in the Port Morris submarket in a Federal Empowerment Zone, which offers tenants access to many municipal and federal incentive programs, reducing occupancy cost.

The JLL Capital Market’s team representing the seller included Senior Managing Director Andrew Scandalios, Senior Director Tyler Peck, Senior Managing Director Rob Kossar and Managing Director Karl Brumback.

“This is an ideally located, urban-infill property with market-leading, last-mile property specifications in the extraordinarily dense New York City market,” Scandalios said. “The property will benefit from the accelerated shift in retail dynamics and the associated increase in demand for fulfillment facilities.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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