Innovo Property Group (IPG) closed on the acquisition of 511 Barry St., a 140,000-square-foot warehouse in the Bronx’s Hunts Point neighborhood, for $54,250,000. Granite Point Mortgage Trust funded the $46,345,625 first-mortgage loan for the acquisition.
511 Barry St. was the former headquarters of a major food distributor and is fully refrigerated. IPG sees it as an ideal urban logistics facility for traditional warehouse / distribution and e-commerce as well as cold-storage users.
“We believe that last-mile distribution will become increasingly important with the rise in e-commerce and the demand for same- and next-day delivery,” said Andrew Chung, IPG’s founder and CEO.
Pinnacle Realty’s David Junik and Fred Stein represented IPG on the acquisition. The undisclosed seller was represented by CBRE’s Dan Kaplan and Tim Sheehan.
Since 2015, IPG has been investing in New York City and is one of the city’s most active industrial players focused on last-mile warehouse facilities. 511 Barry St. is IPG’s second significant investment in the Bronx.
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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).