Maryland-based company pays $115M for Modell’s warehouse

Details of deal were publicly filed on Wednesday

TRD New York /
Jan.January 02, 2019 12:30 PM

1500 Bassett Avenue in the Bronx and Robert Fordi (Credit: CityFeet and Realterm)

A Maryland-based logistics real estate company paid $115 million for Modell’s warehouse in the Bronx.

Realterm Logistics bought 1500 Bassett Avenue in Morris Park, a 366,000-square-foot distribution center situated on a 17-acre lot. The company, headquartered in Annapolis, specializes in high-flow through facilities for the transportation industry.

Earlier this year, Crain’s reported that the sports apparel chain was in talks to sell its Bronx warehouse. At the time, the buyer and the exact price of the deal were not clear.

Brian Dowling, vice president of asset management at Realterm, said the property will serve as a “final mile” distribution center, delivering goods to the five boroughs, Westchester, Long Island and Connecticut. Modell’s is still leasing the facility, and it’s not yet clear if the company will continue to do so. CBRE’s Brad Cohen, Jacob Tzfanya and Jon Kamali represented Modell’s in the sale.

Demand for industrial space, particularly last mile, has climbed dramatically in the past few years. According to a report by CBRE, the availability rate for warehouse space hit 7.7 percent in the third quarter of 2018, the lowest seen in 18 years.


Related Articles

1065-1075 Gerard Avenue in the Bronx 

Prana pays Related $36M in Bronx multifamily play

448 East 143rd Street in the Bronx (Credit: Google Maps)

Private developer’s NYCHA project in Mott Haven lands $79M in financing

1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)

Maddd Equities, Joy Construction score $64M for massive Bronx project

An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

From left: 305 East 47th Street and 286 River Avenue (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties