Dov Hertz pays $255M for Sunset Industrial Park

DH Property Holdings will build a last-mile distribution center

Dov Hertz’s DH Property Holdings, Bridge Development Partners, and Banner Oak Capital Partners have closed on their acquisition of Sunset Industrial Park from Mark Karasick‘s 601w Companies for $255 million. The new owners plan to demolish existing buildings and build a four-story distribution center of up to 1.3 million SF, according to TRD.

Acquisition financing: The buyers secured a $200 million acquisition loan from Apollo Commercial Real Estate Finance.

Worth Noting: The 18-acre waterfront site runs along the Gowanus Canal and has an address of 75-81 20th Street. Demolition is expected to begin in early 2020. 

Heard on the Street: Dov Hertz: “It sits at the nexus of the inbound and outbound traffic needs of any third-party logistics, parcel carrier, or retailer looking to meet same, or next day, delivery in New York City.”