GFP Real Estate, LLC is pleased to announce that Twin Marquis, a New York-based, South Korean-owned manufacturer of fresh, authentic Asian noodles and wrappers, has signed a 10-year lease renewal for 71,500 square feet at 7 Bushwick Place on the border of Bushwick and East Williamsburg, Brooklyn.
In addition, GFP Real Estate announces that it will offer the fully leased industrial property for sale with an asking price of $30 million. Avison Young’s Principal and Head of Tri-State Investment Sales James Nelson, Director Brent Glodowski, Director Fritz Richter and Associate Adriana Stacy will lead the marketing and sales efforts on behalf of GFP Real Estate.
“With a new long-term lease in place, 7 Bushwick Place presents the perfect opportunity for an investor to purchase a stabilized asset in the heart of East Williamsburg occupied by a credit tenant,” said James Nelson, Principal and Head of Avison Young’s Tri-State Investment Sales group. “We are thrilled to represent GFP and their partners on this tremendous long-term investment opportunity that offers future upside potential in a neighborhood that continues to rise with a variety of creative uses accessible by great transportation.”
Twin Marquis has occupied the building since 2004 and has since outfitted the building with a state-of-the-art food production facility for the company and its 400-plus employees. The company—one of the largest Asian food manufacturers and distributors in the northeast—was purchased by CJ Foods USA Inc. in 2011, a leader in the Korean food industry for the past 60 years; the company boasts a AA credit rating on the South Korean Stock Exchange.
“Twin Marquis is a true New York success story, growing from a small operation in Chinatown to becoming an international brand known for producing high-quality food products,” said Brian R. Steinwurtzel, Co-CEO and Principal of GFP Real Estate. “After expanding its operations to 7 Bushwick Place in 2004, the company has continued to thrive. We are thrilled to see the company remain in place for many years to come.”
Brian R. Steinwurtzel, Co-CEO and Principal of GFP Real Estate, represented the landlord, GFP Real Estate, in the lease transaction.
Built in 1920, 7 Bushwick Place is a three-story 71,500+/–square-foot warehouse located on Bushwick Place between Montrose Avenue and Meserole Street offering prime warehouse and office space along the border of East Williamsburg and Bushwick, Brooklyn. The property features heavy power, concrete floors, cogeneration, multiple loading areas, several freight elevators, and sprinklers throughout. The building is located adjacent to the L train, offering a quick commute to Manhattan—and is also located near the Long Island Expressway, Brooklyn-Queens Expressway, and the Williamsburg Bridge. Tenants near 7 Bushwick Place include Netflix, popular local nightclub 3 Dollar Bill; The Well; Newtown Radio and Crossfires Sound Productions, LLC.