Sitex paid a meager $110M for the property in 2017.
UPS has acquired an industrial complex in Red Hook from Sitex for $303 million. The global shipper inked a triple-net lease at the 350,000 SF distribution hub last year.
Worth Noting: The massive site allows for the development of an additional 1.2 million SF, according to TRD.
Addresses include… 44 Ferris Street, 219 Sullivan Street, 100 Ferris Street, 242 Coffey Street, 68 Ferris Street, and 300 Coffey Street.
UPS spokesman emails the Daily Beat: “The Brooklyn property is one of the locations UPS is considering to further optimize our ground network across the Northeast… The property acquisition is one of many initial steps in the feasibility and planning process for the proposed project.”
Flashback: Sitex paid $110 million for the site in 2017. Five months after the acquisition, UPS inked a lease for under $25 per SF. Well done!