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By Accord Real Estate Group

Industrial Real Estate Update

October 16th 2019
Tags: Real Estate News

According to Paris Williams Allen of Transwestern Investment & Development Group “as the backbone of nationwide logistics, industrial real estate has become a hot commodity”. A survey done by Transwestern indicates that the ports of New York and New Jersey climbed to no. 2 in the U.S. by cargo shipped thus far in 2019.

According to The Real Deal Real Estate News publication, Industrial portfolio deals are on a pace to break a record this year data shows.

Industrial real estate has attracted investors and developers who want to get in on the e commerce and storage boom.

In New York, increased interest in Industrial properties near major urban centers has let developers to construct multi story warehouses. For example, the biggest multi story warehouse in the U.S. is planned for Brooklyn. Bridge Development partners and DH property Holdings have joined forces to acquire an 18 acre site in Brooklyn where the plan is to build a 4 story, 1.3M square foot distribution center. The joint venture backed by equity partner Banner Oak Capital Partners acquired Sunset Industrial Park along the Gowanus Canal for $255M from The 601W Cos. The JV expects to begin ground up construction before the end of 2020.

In June of the year Blackstone Real Estate Advisors spent $19B on an industrial portfolio, the biggest portfolio deal ever. According to Blackstone executive Nadeen Meghji “we are seeing accelerating demand for warehouse space in dense population centers, as goods move online and retailers and consumers alike seek faster delivery times”.

Ari Mir, Co Founder and CEO of Clutter, an on demand- self storage start up company has just purchased a 4 warehouse portfolio in New York for $152M. The properties that total 500,000 square feet are in Brooklyn, LIC, White Plains and Yonkers. Mr. Mir states that “our goal is to use our understanding of technology to innovate in a category that has seen very little technological investment in the past few decades”.

If you are interested in selling your property or you know someone who is planning to sell their Brooklyn or New York property, whether a single family residential property,  an apartment building, a commercial property, mixed use, multi family, coop or condo, vacant land or a development opportunity, call us. You will be very happy that you did.

We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.

Thank you,
Accord Real Estate Group
Your Brooklyn Real Estate Brokers and Agents