December 19, 2019
Innovo Property Group (IPG) closed on the acquisition of 511 Barry St., a 140,000-square-foot warehouse in the Bronx’s Hunts Point neighborhood, for $54,250,000. Granite Point Mortgage Trust funded the $46,345,625 first-mortgage loan for the acquisition.
511 Barry St. was the former headquarters of a major food distributor and is fully refrigerated. IPG sees it as an ideal urban logistics facility for traditional warehouse / distribution and e-commerce as well as cold-storage users.
“We believe that last-mile distribution will become increasingly important with the rise in e-commerce and the demand for same- and next-day delivery,” said Andrew Chung, IPG’s founder and CEO.
Pinnacle Realty’s David Junik and Fred Stein represented IPG on the acquisition.
Since 2015, IPG has been investing in New York City and is one of the city’s most active industrial players focused on last-mile warehouse facilities. 511 Barry St. is IPG’s second significant investment in the Bronx.
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Innovo Closes on Bronx Warehouse Deal