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Modell’s

Maryland-based company pays $115M for Modell s warehouse Details of deal were publicly filed on Wednesday

1500 Bassett Avenue in the Bronx and Robert Fordi (Credit: CityFeet and Realterm)

A Maryland-based logistics real estate company paid $115 million for Modell s warehouse in the Bronx.

Realterm Logistics bought 1500 Bassett Avenue in Morris Park, a 366,000-square-foot distribution center situated on a 17-acre lot. The company, headquartered in Annapolis, specializes in high-flow through facilities for the transportation industry.

Earlier this year, Crain s reported that the sports apparel chain was in talks to sell its Bronx warehouse. At the time, the b上海夜网论坛

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uyer and the exact price of the deal were not clear.

Brian Dowling, vice president of asset management at Realterm, said the property will serve as a final mile distribution center, delivering goods to the five boroughs, Westchester, Long I上海贵族宝贝论坛

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sland and Connecticut. Modell s is still l爱上海

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easing the facility, and it s not yet clear if the company will continue to do so. CBRE s Brad Cohen, Jacob Tzfanya and Jon Kamali represented Modell s in the sale.

Demand for industrial space, particularly last mile, has climbed dramatically in the past few years. According to a report by CBRE, the availability rate for warehouse space h上海贵族宝贝交流区

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it 7.7 percent in the third quarter of 2018, the lowest seen in 18 years.

 

Tags: Commercial Real Estate, the Bronx, warehouses
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