JLL arranges $116.5m sale of 145,144 s/f logistics center and two sales totaling $64.2m

Bronx, NY JLL arranged the $116.5 million sale of a 145,144 s/f class A urban logistics center at 1080 Leggett Ave.

JLL worked on behalf of the seller, Goldman Sachs Asset Management & Blumenfeld Development Group, Ltd. CenterPoint Properties acquired the property. The JLL Capital Markets team was led by senior managing directors Andrew Scandalios and Rob Kossar, senior director Tyler Peck and managing director Karl Brumback. executive managing director Leslie Lanne secured the tenant and assisted in the sale as well.

The 145,144 s/f property is fully leased to a Fortune 50 company and offers 22-ft. ceiling heights, 18 loading docks, four drive-ins and onsite parking.

1080 Leggett Ave. is in the Hunts Point submarket five minutes from the Hunts Point Food Distribution Center. The logistics facility sits along the I-278 Bruckner Expressway, just 10 minutes from Manhattan’s Upper East Side with direct access to regional transit, including Interstates 295 and 278. The location provides easy access the greater Tri-State region’s large distribution base of more than 20 million people.

JLL Capital Markets completed the $32.5 million sale of 360-370 Fulton St., a commercial development site with up to 171,180 buildable s/f in Downtown Brooklyn’s Fulton Mall shopping district. JLL represented the Modell Family and Weinstein Enterprises Inc. in the sale of the property to The Feil Org. The JLL Capital Markets team representing the seller included vice chairmen Stephen Palmese and Brendan Maddigan; managing directors Winfield Clifford, Michael Mazzara and Ethan Stanton; and vice presidents Patrick Madigan and Andrew Posil. JLL director Jillian Mariutti provided financing guidance, and senior vice president Ryan Condren provided retail guidance.

The site offers more than 104 ft. of retail frontage positioned at the intersection of at Fulton and Jay Sts., a location that sees more than 11,000 daily pedestrians. A popular destination for tourists, locals and area workers, Fulton Mall is the major shopping destination in Downtown Brooklyn. The surrounding Brooklyn Tech Triangle boasts hotels, universities, residential properties and national retailers mixed with dozens of popular restaurants, bars and nightlife spots.

The development site has extraordinary connectivity to transportation with multiple subway stations serviced by nine subway lines located within three blocks. 360-370 Fulton St. is one block from the Jay St-Metro Tech A, C and F subway station; two blocks from Hoyt St. 2 and 3; two blocks from the Borough Hall 4 and 5; and three blocks from the Fulton St. and Lafayette Ave. stations A, C and G trains. The property is 10 minutes to the LIRR and less than 10 minutes from Wall St. in Lower Manhattan.

“This site provides the opportunity for mixed-use development at the center of Downtown Brooklyn’s remarkable growth,” Palmese said. “The location benefits from proximity to abundant mass transit, powerful area demographics and dynamic neighborhood amenities.”

JLL Capital Markets closed the $31.7 million sale of a 57,035 s/f lot at 70-35 113^th St. in Forest Hill, Queens, with plans for two multi-housing development projects totaling 318,238 s/f. JLL worked on behalf of the seller, Jasper Venture Group to complete the sale to the buyer, a partnership of Top Rock Holdings, RJ Capital Group & SYU Properties. The JLL Capital Markets team representing the seller was led by vice chairmen Stephen Palmese and Brendan Maddigan, managing directors Michael Mazzara, Winfield Clifford and Ethan Stanton and vice president Patrick Madigan.

The proposed project encompasses a 235,679 s/f free-market multi-housing development, in addition to an 82,559 s/f senior affordable living development.

A recent survey by JLL revealed that, after a trend toward more lifestyle-focused segments of seniors housing, participants are moving to more traditional and need-driven segments, with 37% of respondents identifying assisted living as the most sought-after investment opportunity in 2021.

70-35 113^th St. is three blocks from the Forest Hills-71^st Ave. E, F, M and R train, enabling residents to reach Long Island City in 20 minutes and Manhattan in 25 minutes. The property is four blocks from the Forest Hills LIRR station, providing access to eight rail lines. In addition, the site is in close proximity to Queens Blvd., the Brooklyn-Queens Expressway, the Long Island Expressway and Grand Central Parkway.

“Residential demand in Forest Hills has increased dramatically as the influx to neighborhoods, such as Long Island City and Astoria, have spread further into Queens,” Mazzara said. “The proximity to major mass transit lines and the rich neighborhood atmosphere make Forest Hills one of Queens’ most dynamic submarkets.”