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H + M, Square Mile JV on Bronx Warehouse
Himmel + Meringoff Properties and Square Mile Capital Management have formed a joint venture to acquire 1601 Bronxdale Ave. in the Bronx for $89 million. The property comprises 305,000 square feet of mostly industrial/distribution space, along with retail and office.
In a joint statement, Himmel + Meringoff’s Stephen J. Meringoff and Leslie Himmel commented, “This deal represents the launch of a new active acquisition program for H+M. With a deep war chest of cash accumulated through several years of successful refinancings, we are planning to grow our exposure to the outer boroughs by investing in properties where we can add value.”
At Square Mile, CEO Craig Solomon said “the ongoing expansion of New York City economic activity beyond Manhattan” is creating “attractive opportunities for real estate investment firms like ours. In this case, we intend to take advantage of increased local market demand for distribution facilities.”
Pinnacle Realty represented the seller.
Image courtesy of Google Maps.
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- ◦Sale/Acquisition
