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Acquisitions

CenterPoint Properties buys Flatlands Portfolio

Aerial view of Flatlands Portfolio (Credit: Google Maps)

Bob Chapman’s CenterPoint Properties has acquired the leasehold interest in a massive industrial portfolio in Flatlands from Felice Bassin’s Rentar Development for $134 million. The Brooklyn warehouses span a total of 925,411 square feet, and have addresses of 101-01 Avenue D, 103-00 Foster Avenue, 101-10 Foster Avenue. It includes a one-acre lot on East 105th Street. 

  • Worth Noting: The three-building portfolio (AKA Flatlands Portfolio) is fully leased to thirteen tenants and sits on 29.69 acres of land. Although the industrial real estate company recently acquired a development site at 49 Rutherford in Newark, and buildings at 1049 Secaucus and 101 Linden Avenue in Jersey City, this is their first acquisition in the five boroughs.  
  • New buyer on the block: Illinois-based CenterPoint Properties’ David Nenner said in a press release: “As a result of e-commerce and the complex logistical challenge of ‘last-touch’ delivery, demand for warehouse space within the boroughs is as high as ever. CenterPoint plans to be extremely active in the boroughs moving forward.”

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