Marcus & Millichap Closes Deal for Bronx Industrial with Redevelopment Potential

Marcus & Millichap recently closed the sale of 935 Garrison Ave., an industrial property in the Bronx. The asset sold for $10,275,000.

“This transaction reflects both the depth of demand for NYC industrial outdoor storage and the value of running a disciplined, competitive process,” said Jakub Nowak in Marcus & Millichap’s New York City office. “By keeping local investors, owner-users and institutional capital engaged throughout the process, we achieved strong pricing for the submarket. Investors are paying a premium for open land that can support truck parking, fleet operations and last-mile logistics, uses that are increasingly difficult to accommodate as vacant industrial land in New York City becomes scarcer.”

Nowak, Steven Siegel and Michael Maldonado of Marcus & Millichap marketed the property for the seller and procured the buyer.

935 Garrison Ave. includes a 9,200-square-foot warehouse on a 40,078-square-foot lot. Located in the Special Hunts Point District, the property sits in a Qualified Opportunity Zone and was delivered vacant, providing redevelopment potential. Connect CRE previously reported the buyer was Realterm.