Land Acquired to Build 1.3M SF Distribution Center in Brooklyn
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.
Developers will demolish the existing structures on the property, starting in early 2020. By the end of next year, construction on the ground-up development of the massive, multistory facility is expected to begin. A uniquely designed, intricate ramping system will allow each of its four floors to be fully cross-docked and directly serviceable by full-size tractor trailers. The lower two stories of the facility will have 32-foot clearance heights. The upper two stories will be built with a 28-foot clearance.