July 31, 2018
LocationNew Jersey/New York
Dov Hertz is placing another huge bet on the value of the Brooklyn waterfront and rise of e-commerce.
In partnership with Bridge Development Partners, the developer signed a contract this month to buy the 18-acre Sunset Industrial Park that had an asking price of roughly $300 million, sources told The Real Deal.
The parcel, with multiple addresses including 75-81 20th Street, has approximately 1.6 million square feet of buildable zoning rights, sources said.
A spokesperson for owner 601W Companies confirmed there was a deal to sell the site to Hertz’s company DH Property, but would not comment further. DH Property declined to comment.
Moshe Majeski of the Majeski Group represented the buyer and the seller in the deal. A JLL team of Mo Beler and Aaron Appel represented DH Property in its joint venture with Bridge Development, and is working to secure debt for the acquisition. Crain’s first reported that the deal was in contract.
DH Property and Chicago-based Bridge Development would redevelop the site with new warehouse space which would be used as a distribution hub and leased to end-users, according to sources.