Maryland-based logistics investor Realterm has acquired a 39,343 s/f Bronx property for $37.77 million.
The property was sold by Kentucky-based Parallel Products which operated the facility as a recycling plant, collecting over 1.2 billion aluminum, plastic and glass containers every year and repurposing them as everything from new beverage containers to clothing and food packaging.
Realterm Logistics said it will operated the property at 900 East 138th Street as a last mile distribution center.
“This property has a unique combination of loading and excess parking, making it a differentiated final mile facility in one of the densest population centers in the country. The acquisition is a continuation of our strategy of acquiring and operating the most functional high flow-through properties in the top markets in the country,” said Ben Andreycak, vice president, Eastern Region Acquisitions.
The property is located near Interstate 278 and with close proximity to Interstates 95 and 87 and a 10-minute drive to Manhattan. It also provides exceptional accessibility to the greater Tri-State region’s large and growing distribution base of more than 20 million people.
STELTH Group facilitated the transaction and represented Realterm Logistics, an owner and manager of high flow through (HFT) logistics facilities serving the transportation industry. Since 1997, the company has owned and managed in excess of $1 billion in assets, and over 250 properties throughout the United States and Canada.
This is only its second tri-state acquisition. In 2019, Realterm acquired the Elmsford Distribution Center in Westchester for $70 million. That six-building facility was sold by Mack-Cali with sitting tenants including UPS, Nestle, Pepperidge Farms and Barrie House Coffee Co. Last year. Realterm signed a 100,000 s/f distribution deal with Amazon at the facility.
At the time, the company said the acquisition was part of a strategy to acquire HFT properties that are designed to facilitate the fast movement of goods through the supply chain as opposed to the storage of goods.