Realterm announces the acquisition of a five-acre, 52 door truck terminal located at 512 Gardner Ave., Brooklyn, N.Y. The site can also accommodate nearly 400,000 SF of industrial warehouse space.
"This was an ideal opportunity in Brooklyn to add another well-located, highly functional high flow-through (HFT) facility to the Realterm Logistics Fund III portfolio," said Ed Brickley, Managing Director, Senior Fund Manager, Realterm. "It is another example of our strategy to acquire functional HFT facilities in the top markets across the country."
The facility is located along the Brooklyn Queens Expressway (I-278) in the Greenpoint neighborhood with easy access to the Kosciuszko Bridge and I-495 granting seamless connection to Queens, Manhattan, Long Island and throughout Brooklyn. Additionally, the property is located six miles from LaGuardia Airport and 14 miles from John F. Kennedy International Airport.
"This is the 25th high-flow-through asset in Realterm's New York Metropolitan area portfolio. The asset is located in a top New York City sub-market that is positioned to serve the needs of distribution users," said Ben Andreycak, Acquisitions - East Region, Realterm.
Larry Casey of Cushman & Wakefield facilitated the transaction and represented the seller. The facility will be immediately available for lease.
Highlights of the property include:
Square feet: 21,740 SF and 394,376 Buildable SF
Land area: 5 acres
Access: I-278 and I-495
The seller was represented by Colliers.
A photo of the property can be found here and credited to Cushman & Wakefield.
Realterm is a real estate operator with a 30-year track record of executing niche private equity strategies at the intersection of the global supply chain and evolving consumption trends. Realterm currently manages over $7 billion in assets through five logistics-oriented private equity fund series: Realterm Airport Logistics Properties (RALP), an open-end fund investing into high flow through (HFT) on-airport logistics real estate throughout North America; Realterm Logistics Income Fund (RLIF), an open-end, core-plus fund, and the Realterm Logistics Fund (RLF) series, a closed-end, value-added fund series, both of which invest into HFT surface transportation logistics real estate throughout the U.S.; Realterm Europe Logistics Fund (RELF), a closed-end, value-added fund series investing into HFT logistics real estate throughout Europe; and Interspace Logistics Parks (ILP), a closed-end, opportunistic fund series investing into warehouse and logistics real estate throughout the top industrial markets in India.