CenterPoint Properties Acquires 4.6 Acre Industrial Property In South Bronx From Innovo Property Group For $119M

511 Barry Street, an industrial property located in the South Bronx, was sold in August 2021 for a total price of $119,000,000. The property spans across approximately 4.6 acres, making it a substantial asset in the market. The transaction represents a notable increase from its last sale in 2019, when it was purchased for $54 million.

Summary of transaction details

• Property Type: Industrial
• Transaction Amount: $119,000,000
• Tenant: Amazon
• Buyer: CenterPoint Properties
• Seller: Innovo Property Group
• Brokers: Rob Kossar, Tyler Peck, Leslie Lanne, and Andrew Scandalios from JLL; Doug Middleton, Daniel Kaplan, Brian Fiumara, and Ryan Silber from CBRE
• Capitalization Rate (CAP): 3% (approx.)

The sale of 511 Barry Street was facilitated by a team of brokers, including Rob Kossar, Tyler Peck, Leslie Lanne, and Andrew Scandalios from JLL, as well as Doug Middleton, Daniel Kaplan, Brian Fiumara, and Ryan Silber from CBRE. CenterPoint Properties acquired the property from Innovo Property Group, with a notable tenant in place, Amazon. The transaction showcases the demand for industrial properties in the South Bronx market.