JLL Capital Markets has completed the sale of 845 East 136th Street 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 s/f distribution facility property (pictured top) was acquired by Brookfield Properties for $27.9 million.
845 East 136th Street is located in the South Bronx, providing access to New York City and the Tri-State region. It is located in the Port Morris submarket in a Federal Empowerment Zone, which offers tenants access to many municipal and federal incentive programs, reducing occupancy cost.
The JLL Capital Market’s team representing the seller included Senior Managing Director Andrew Scandalios; Senior Director Tyler Peck; Senior Managing Director Rob Kossar; and Managing Director Karl Brumback.
“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.”
MRP acquired the former self storage property for $19 million in 2017, according to public records.