JLL Capital Markets completed the sale of 845 E. 136th St. 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 traded to Brookfield Properties for $27.9 million.
The JLL Capital Markets team representing the seller included senior managing directors Andrew Scandalios and Rob Kossar; senior director Tyler Peck and managing director Karl Brumback. With highway access to the New York region’s vast population base, the property is located in a Federal Empowerment Zone, which offers tenants access to many municipal and federal incentive programs, reducing occupancy costs.
“This is an ideally located, urban-infill property with market-leading, last-mile property specifications in the extraordinarily dense New York City market,” said Scandalios. “The property will benefit from the accelerated shift in retail dynamics and the associated increase in demand for fulfillment facilities.”
Image courtesy of MRP Realty.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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