UPDATED, May 27, 3:05 p.m.: The Bronx is no longer burning, but its industrial market is red hot.
Maryland-based Realterm Logistics has bought a South Bronx warehouse for $38 million from the recycling company Parallel Products.
The 35,681-square-foot property, at 900 East 138th Street, is close to the Bruckner Expressway and the East River.
Parallel Products purchased the site as vacant land for $5.2 million in 2006, according to PropertyShark.
Realterm has been on a tear. In January, the Annapolis company, led by Robert Fordi, partnered with JPMorgan to acquire a 1.75 million-square-foot logistics portfolio in 28 U.S markets, including Chicago, Atlanta, Dallas, New Jersey, New York and Philadelphia.
Realterm recently announced the close of a $370 million logistics fund. The company typically invests in high flow-through — or HFT — facilities such as truck terminals, trans-shipment centers and transfer hubs.
The Bronx’s logistics market is busy. The borough has over 691,000 square feet of active construction in the first quarter, according to a Cushman & Wakefield report.
This week, a joint venture between Goldman Sachs Asset Management and Blumenfeld Development Group sold a 145,144-square-foot logistics facility at 1080 Leggett Avenue in Hunts Point to CenterPoint Properties for $116.5 million.
Correction: A previous version of this story incorrectly stated the square footage of the East 138th Street property.