Himmel + Meringoff, Square Mile Capital Buy Industrial Mixed-Use Property

The joint venture acquired the 305,000-square-foot property in the Bronx for $89 million.

1601 Bronxdale Ave./ Image credit: The CoStar Group

NEW YORK CITY—The Bronx is still a choice destination for industrial investments. The real estate investment company Himmel + Meringoff Properties and the institutional real estate and investment firm Square Mile Capital Management, both based in New York City, teamed up in an industrial deal.

The joint venture acquired a 7.5-acre property with 305,000 square feet of industrial and distribution space that includes a significant portion of office and retail space. They purchased the property 1601 Bronxdale Ave. in the Bronx for $89 million.

Although the seller’s identity was not disclosed in the announcement of the transaction, a source close to the deal tells GlobeSt.com the seller was Sackman Enterprises, Inc.

Pinnacle Realty represented the seller. There were no other brokers in the transaction.

Himmel + Meringoff co-managing partners, Stephen J. Meringoff and Leslie Himmel, provided the following joint statement: “This deal represents the launch of a new active acquisition program for H+M. With a deep war chest of cash accumulated through several years of successful refinancings, we are planning to grow our exposure to the outer boroughs by investing in properties where we can add value.”

Himmel + Meringoff points to their track record of investments throughout Manhattan and in Long Island City where they have owned mixed-use and industrial properties dating back more than 30 years.

“The ongoing expansion of New York City economic activity beyond Manhattan and well into the surrounding submarkets, is creating attractive opportunities for real estate investment firms like ours,” says Square Mile Capital CEO Craig Solomon. Square Mile has had a longstanding business relationship with Himmel + Meringoff and the joint venture will work towards maximizing the long-term value of its recently purchased asset.

The joint venture plans to improve the property, fully leveraging the location which is at the crossroads of New York City, Long Island, CT and NJ. Just six miles from Manhattan, the project is located close to several major interstate arteries, public transportation and densely populated neighborhoods.

Current tenants include Consolidated Edison, New York Sports Club, and auto parts distributor Parts Authority.