MRP Realty and AEW Capital Management have picked up a two-building industrial asset for $25.6 million in the Bronx. The complex totals 20,000 square feet of warehouse and distribution space in the heart of Hunts Point. The new ownership has already begun a $5 million capital improvement campaign of the asset which was constructed in 1959. John Reinertsen, a senior vice president with CBRE, along with Matt Corpuel and Gary Capetta of Pantheon Properties, represented the seller, TCW Leasing Company in the negotiations.
“Given the rebirth of the Hunts Point area over the past few years, both distribution space users, as well as investors saw the benefits and opportunities of owning such a well-located property,” said Reinertsen.
