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Land Acquired to Build 1.3M SF Distribution Center in Brooklyn

Bridge Development, DH Property Holdings and Banner Oak Capital closed on Sunset Industrial Park for $255M to develop a four-story warehouse.

Architectural rendering of planned distribution center at 50 W. 21st. St., in Brooklyn Architectural rendering of planned distribution center at 50 W. 21st. St., in Brooklyn

NEW YORK CITY—They’re taking multistory distribution centers to a whole new level. With four floors, it will be the largest of its kind in the US, according to Bridge Development Partners and DH Property Holdings, and their equity partner Banner Oak Capital Partners. They closed on the acquisition of an 18-acre site, called Sunset Industrial Park, to build a four-level, up to 1.3 million square-foot warehouse. A source with knowledge of the deal tells GlobeSt.com the seller was 601W and the price was $255 million.

The site’s address is 50 W. 21st St., in Brooklyn, which is on Third Avenue between 19th and 21st streets, along the Gowanus Canal.

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Betsy Kim

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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