CenterPoint Pays $134M for Brooklyn Industrial Portfolio

103-00 Foster Ave. Image via Google Maps

CenterPoint Properties has acquired the Flatlands Portfolio, a 925,411-square-foot, 29.7-acre warehouse space encompassing three buildings and a one-acre vacant lot in Brooklyn, N.Y. Rentar Development Corp. sold the assets for $134 million, according to The Real Deal. DY Realty Group’s Mat Diana, Paul Yuras and Peter Derbar negotiated the transaction on behalf of the seller and will spearhead the leasing efforts at the property.

Situated at 101-01 Ave. D, 103-00 Foster Ave. and 101-10 Foster Ave., the warehouses are part of the Flatlands Industrial Park, the 100-acre development dating from the 1970s. With building clear heights ranging from 22 to 32 feet, the industrial assets feature off-street car parking and secured loading. The portfolio was fully leased at the time of sale to a total of 13 tenants.

Located near two metro stations and several bus stations, the properties are some 4 miles southeast of downtown Brooklyn, close to Linden Boulevard. John F. Kennedy International Airport is 6.6 miles east.

This purchase marks CenterPoint’s entrance in the New York City market, one of the top industrial markets to watch in 2020. The firm’s East Coast portfolio currently totals more than $300 million of infill assets acquired during the past 6 months.