DH Property Holdings, LLC, a leading developer of urban infill industrial logistics facilities, and the Real Estate business within Goldman Sachs Asset Management (Goldman Sachs) have sold their interest in 640 Columbia Street, a three-story, 400,000-square-foot logistics facility in Red Hook, Brooklyn, to CBRE Investment Management.
DHPH developed 640 Columbia on spec and executed a long-term lease on the facility with a global,
credit tenant. The property stands in close proximity to Manhattan, Brooklyn and Queens, providing
direct, rapid access to more than 13.5 million people, the largest concentration of e-commerce consumers
in the nation.
The facility sits on four acres and is the first multi-story logistics facility on the east coast. 640 Columbia
boasts best-in-class architecture and features ramp access to the loading docks on the second floor, as well as internal ramps connecting the three floors and a dedicated private elevator servicing the third floor.
Founded in 2016 by Dov Hertz, DHPH is a Manhattan-based industrial real estate development, investment and management firm that has been at the forefront of the industrial logistics trend, developing market-leading distribution warehouses in complex and challenging urban environments.
“640 Columbia is an extraordinary facility that offers unparalleled access to Manhattan, Brooklyn,
Queens and the greater metropolitan region,” said Hertz. “It is the first multi-story property operating in
the northeast and provides a powerful long-term investment while positioning its tenants to outperform
competitors in the market.”
“This property, a first in this market, benefited from the early recognition of the e-commerce growth
trend,” said Dirk Degenaars, Managing Director in Real Estate within Goldman Sachs Asset Management. “It is ideally positioned to support tenants as they accommodate the evolving delivery needs of their tenants now and in the future.”
“We believe that heightened demand for urban, infill logistics facilities, spurred by shrinking delivery
windows and rising consumer expectations, will sustain strong demand for logistics space over the next
few years,” said Mary Lang, Head of Americas Direct Logistics Strategies for CBRE Investment
Management. “640 Columbia is located at the confluence of inbound deliveries to the New York
metropolitan area and serves as a premier last-mile facility to some of the densest zip codes in the U.S.,
making this a strategic fit with our broader logistics strategy.”
A team led by Adam Spies, Doug Harmon and Josh King of Cushman and Wakefield represented DHPH
and Goldman Sachs in the sale of 640 Columbia.
The sale of 640 Columbia follows the recent sale by DHPH of 55 Bay Street, an 85,000-square-foot,
single-story, Class-A distribution center also in Red Hook. This facility, the first speculatively built industrial building in New York City in over half a century, was leased to Amazon Fresh prior to the sale.