Ariel Property Advisors arranges $10.75 million sale of 90,000 s/f industrial property

Bronx, NY Ariel Property Advisors (Ariel) brokered the sale of 425 Devoe Ave., a vacant multi-story industrial property in the West Farms neighborhood for $10.75 million. The property consists of 60,000 s/f above grade, which translates to $180 per s/f, with an additional 30,000 s/f below grade. 

An Ariel investment sales team led by Jason Gold, senior director, along with Sean Kelly, Esq., partner, and Daniel Mahfar, director, represented the seller, Abingdon Square Partners. The buyer was MADDD Equities, LLC.

“The sale of 425 Devoe Ave. demonstrates the strong demand for large, commercial sites offering convenient regional access,” said Gold.

Situated on a 40,097 s/f lot, the property features four levels of usable industrial and warehouse space and includes covered truck-level loading docks, four drive-in doors, multiple curb cuts, an 8,000-pound freight elevator and enhanced electrical service. Ceiling heights vary from 10 to 20 ft. throughout the building.

Located near the 2 and 5 subway lines, 425 Devoe Ave. also offers access to the Cross Bronx Expwy., Sheridan Blvd. and the Tri-State region.