New York distribution facility trades for $27.9M
JLL Capital Markets closed the sale of the 94,675-square-foot facility in South Bronx’s Port Morris area for AEW and MRP Realty
NEW YORK, December 14, 2020 — JLL Capital Markets has completed the sale of 845 East 136th 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 136th 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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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.