John Gerber’s W-G Capital Advisors has acquired a warehouse at 145-165 Wolcott Street in Red Hook from Gregory Iovine for $21.5 million. The industrial site was delivered vacant, and allows for the development of around 160,000 SF.
- E-commerce is the future: Amazon just signed a lease for a first-of-its-kind three-story warehouse in Seattle. This new type of distribution center will help reduce delivery times in congested cities.
- By the numbers: Vacancy rates at industrial properties in the US have fallen from 7.2% in the second quarter of 2014 to 5% in the same period this year, while asking rents have risen 31% to $5.86 per SF, according to a report in the WSJ.
- Be Smart: The undersupply of land in Manhattan has incentivized developers to go vertical as retailers are looking to slash delivery times from two days to as short as two hours. Dov Hertz’s DH Property Holdings and Bridge Development Partners are building a four-story, 1.3 million SF distribution center at Sunset Industrial Park –– the largest multi-story warehouse in the country.