Modell’s is the seller
Realterm Logistics has acquired 1500 Bassett Avenue in Morris Park from Modell’s for $115 million. The Bronx warehouse and distribution center spans 366,000 SF, and sits on a 12-acre lot, according to Crain’s.
Sign of the times… Rental rates in industrial real-estate markets have increased more than 5 percent annually in the last two years. With exponential growth in e-commerce driven by macro-economic changes, demand for such properties continues to increase. Availability rates for warehouse space reached an 18 year low of 7.7 percent in the third quarter of last year.