511 Barry Street.
NEW YORK CITY – Innovo Property Group, a New York City-based real estate investment and operating company, has acquired 511 Barry St., a 140,000-square-foot warehouse in the Hunts Point neighborhood of the Bronx for $54 million from Baldor Specialty Foods. Granite Point Mortgage Trust Inc., a Pine River Capital managed company, loaned $46 million for the acquisition.
IPG has been bullish on value-add properties in the outer boroughs, so the closing of 511 Barry St. was in alignment with its current investment thesis. In addition, the property was attractive because of its location in a dense submarket for e-commerce companies to access their customer bases, according to Andrew Chung, founder and CEO of IPG. "We believe that last-mile distribution will become increasingly important with the rise in e-commerce and the demand for same- and next-day delivery. 511 Barry Street is a great facility in an ideal location poised to service all of New York City," he said in a prepared statement.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
