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.”