A joint venture between Harbor Group International, LLC (HGI) and Turnbridge Equities, has sold HGI’s interest in 2300 Linden Boulevard and 835 Essex Street, an industrial property located in Brooklyn, NY, to BentallGreenOak, on behalf of an institutional investor.
The 90,000 square foot Class A industrial property was acquired by HGI and Turnbridge in a master lease transaction in May of 2018.
The property was vacant at the time of acquisition and the joint venture invested $2.6 million in improvements to convert the property into a modern logistics facility.
Brooklyn industrial property was leased to Amazon on a long-term lease, adding significant value to the asset.
“2300 Linden is a prime example of our “Last Mile” industrial strategy,” said T. Richard Litton, Jr., President of HGI, “The property’s irreplaceable location within a 30-minute drive to 10.5m customers and in close proximity to JFK Airport, as well as its large, contiguous warehouse space, made it highly attractive to Amazon.”