Bronx, NY Innovo Property Group (IPG), a real estate investment and operating company founded by Andrew Chung and backed by Nan Fung Group, closed on the acquisition of 511 Barry St. for $54.25 million. David Junik and Fred Stein of brokerage firm Pinnacle Realty represented IPG on the acquisition.
Granite Point Mortgage Trust Inc., a Pine River Capital-managed company, funded the $46.345 million first mortgage loan. The 140,000 s/f warehouse is in the Hunts Point neighborhood and features a 90,000 s/f paved yard for parking and truck loading.
511 Barry St. was the former headquarters of a major food distributor and is fully refrigerated. It has 32 loading docks, six drive-in bays, up to 22 ft. ceilings. The location and unique physical characteristics make the property an ideal urban logistics facility for traditional warehouse / distribution, e-commerce as well as cold-storage users.
“Our investment philosophy focuses on value-add properties in the outer boroughs and we are thrilled to announce our latest closing in the Bronx,” said Chung, founder and CEO of IPG. “We believe that last-mile distribution will become increasingly important with the rise in e-commerce and the demand for same- and next-day delivery. 511 Barry St. is a great facility in an ideal location poised to service all of New York City.”
Since 2015, IPG has been investing in New York City and is one of the city’s most active industrial players focused on last-mile warehouse facilities. 511 Barry Street is IPG’s second significant investment in the borough. In 2017, the company purchased 2505 Bruckner with affiliates of Square Mile Capital Management LLC, an integrated institutional real estate and investment management firm based in New York. 2505 Bruckner will be one of the city’s largest, last-mile, multi-story urban logistics facilities.
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