Prime Storage Group Acquires Industrial Property In Highbridge, Bronx For $28.5M

An industrial property located at 950 University Avenue in Highbridge, Bronx has been sold for $28,500,000. The property spans 67,000 square feet, resulting in a price per square foot of $425. The sale took place on 09/03/2020. The buyer of the property is Prime Storage Group, while the seller is Knickpoint Ventures - Matt Sprayregen. The transaction was facilitated by Itan Rahmani and Yehuda Goltche from VCPRE. The property is situated in a Highbridge market and is zoned for industrial use (M1-5). Its lot size is 175 ft x 452.75 ft. The building has a floor area ratio (FAR) of 3.35. The previous sale of the property was in May 2012 for $10,850,000.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $28,500,000
• Buyer: Prime Storage Group
• Seller: Knickpoint Ventures - Matt Sprayregen
• Broker: Itan Rahmani & Yehuda Goltche @VCPRE
• Date: 09/03/2020
• Address: 950 University Avenue
• Market: Highbridge, Bronx
• Zoning: M1-5
• Square Footage: 67,000
• Price Per Square Foot: $425
• Floor Area Ratio (FAR): 3.35
• Lot Size: 175 ft x 452.75 ft
• Last Sale Price: $10,850,000 (5/2012)

According to Itan Rahmani, the broker involved in the transaction, this deal marked the largest transaction that has closed in the Bronx since the beginning of the Covid-19 pandemic. It is also the largest storage trade in the borough since 2017. The completion of this transaction required navigating through the unique challenges presented by Covid-19.