{"id":1004566286,"date":"2022-02-04T07:35:55","date_gmt":"2022-02-04T15:35:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004566286"},"modified":"2022-12-09T02:42:08","modified_gmt":"2022-12-09T10:42:08","slug":"realterm-pays-103m-for-new-york-last-mile-facilities","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/realterm-pays-103m-for-new-york-last-mile-facilities\/","title":{"rendered":"Realterm Pays $103M for New York Last-Mile Facilities"},"content":{"rendered":"
\"\"<\/a>

100-400 Oritani Drive. Image courtesy of Realterm<\/p><\/div>\n

Realterm<\/strong> has expanded its last-mile portfolio with the acquisition of two distribution facilities in Blauvelt, N.Y. The properties are long-term leased to Amazon<\/strong> and AERCO International<\/strong>, CommercialEdge data shows. Onix Equities<\/strong> pocketed $102.5 million from the sale. CBRE<\/strong> Vice Chairman Brian Fiumara represented the seller in the transaction.<\/span><\/p>\n

The former owner acquired the facilities at 100-400 Oritani Drive in 2019 from MBA Contractors for $33 million. CBRE handled the leasing negotiations under Onix Equities and brought in Amazon in 2020. AERCO International had been at the location since 2011.<\/span><\/p>\n

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READ ALSO: <\/strong>RXR, Hudson Realty Capital Launch Joint Lending Operation<\/a><\/p>\n

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Amazon is operating at 200 and 400 Oritani Drive. The 21.8-acre property offers 175,775 square feet of warehouse space across two buildings. The warehouses feature 23 dock-high loading doors and 80- to 100-foot truck courts. <\/span>AERCO International, a water heater and boiler manufacturer, occupies the 131,500 square-foot facility at 100 Oritani Drive. The climate-controlled warehouse includes a two-level office build-out and 10 dock-high loading doors.<\/span><\/p>\n

The Rockland County facilities are 33 miles north of the Redhook Terminal and some 30 miles from Midtown Manhattan, via Interstate 287.<\/span><\/p>\n

The e-commerce explosion since the start of the pandemic drove demand for last-mile facilities to skyrocket. Continuing its 2021 buying spree, Realterm purchased another fully leased last-mile portfolio<\/a> in January. The company acquired 541,400 square feet of warehouse space across four facilities in Kentucky, Michigan and Illinois. The transaction is just one of more than a dozen deals the company closed since the start of the year.<\/span><\/p>\n

Amazon-leased facilities continue to attract interest from investors. In November of last year, a Phoenix last-mile warehouse occupied by the tech giant sold for nearly $75 million<\/a> shortly after completion, while large distribution centers operated by the company are trading for nine-digit numbers<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Amazon and AERCO International are the properties’ long-term tenants. <\/p>\n","protected":false},"author":1366,"featured_media":1004566289,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22251,21748,21783,1600,21742,10],"tags":[47870,32789,49252],"class_list":["post-1004566286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-focus","category-industrial","category-investment","category-new-york","category-latest","category-northeast","tag-brian-fiumara","tag-cbre","tag-realterm"],"acf":[],"yoast_head":"\nRealterm Pays $103M for New York Last-Mile Facilities - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Realterm has acquired two last-mile facilities in New York for $103 million. 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