NEW YORK CITY – Innovo Property Group, a New York City-basedreal estate investment and operating company, has acquired 511Barry St., a 140,000-square-foot warehouse in the Hunts Pointneighborhood of the Bronx for $54 million from Baldor SpecialtyFoods. Granite Point Mortgage Trust Inc., a Pine River Capitalmanaged company, loaned $46 million for the acquisition.

IPG has been bullish on value-add properties in the outerboroughs, so the closing of 511 Barry St. was in alignment with itscurrent investment thesis. In addition, the property was attractivebecause of its location in a dense submarket for e-commercecompanies to access their customer bases, according to AndrewChung, founder and CEO of IPG. "We believe that last-miledistribution will become increasingly important with the rise ine-commerce and the demand for same- and next-day delivery. 511Barry Street is a great facility in an ideal location poised toservice all of New York City," he said in a prepared statement.