The developer describes the initiative as the largest expansion of manufacturing in New York City in more than a century.

Once known primarily as an office center, it's now also one of the most prominent distribution corridors in the country.

SPS Commerce just signed an agreement to expand the amount of space it occupies at 333 South Seventh Street in Minneapolis to more than 214,000 square feet.

Whatever the acquisition strategy, “the focus is on finding assets that can deliver strong yields that outpace other investment options,” says Steve Shanahan with Real Capital Markets.