DH Property Holdings sells Red Hook logistics center for $45m

New York, NY DH Property Holdings, LLC has sold 55 Bay St., an 83,000 s/f distribution facility in Red Hook, Brooklyn, to Brookfield for $45 million.

DHPH developed 55 Bay on spec and has leased the facility to Amazon Fresh for 10 years. Amazon has recently occupied the building, which stands in close proximity to Manhattan and Brooklyn, providing direct, rapid access to consumers.

The JLL team of Rob Kossar, vice chairman; Leslie Lanne, executive managing director, and Jeremy Liebler, associate vice president, represented DHPH in the sale of 55 Bay and in the lease transaction with Amazon.

DHPH is currently constructing a 500,000 s/f, multi-story distribution warehouse at 640 Columbia St., also in Red Hook, which is leased by Amazon’s AMZL. This is the first multi-story logistics facility on the East Coast.

DHPH currently has over 4 million s/f, or over $2 billion, of class-A urban warehouses complete or underway throughout the Northeast, including in New York City, Boston and Philadelphia. In addition to 55 Bay and 640 Columbia, notable DHPH projects include the 18-acre, 1.8 million s/f Sunset Industrial Park development in Brooklyn; 65-acre 1900 South Ave. in Staten Island; 69-acre 5000 Richmond St., and 21-acre 9801 Bluegrass Rd. in Philadelphia.

“We identified the growing need for distribution facilities close to consumers in New York City and developed 55 Bay Street on spec to meet that requirement,” said Hertz. “Our firm is uniquely positioned to work through the complexities of development in dense urban environments to accommodate the increasing demand for last-mile facilities.”