NEW YORK, NY, Dec. 18, 2019 – Innovo Property Group (IPG), a leading New York City-based real estate investment and operating company founded by Andrew Chung and backed by Nan Fung Group, today announced the closing of 511 Barry Street for $54,250,000.
Granite Point Mortgage Trust Inc., a Pine River Capital managed company, funded the $46,345,625 first mortgage loan for the acquisition. The 140,000 square foot warehouse is in the Hunts Point neighborhood of the Bronx and features a 90,000 square foot paved yard for parking and truck loading. Located near a cluster of logistics and food distribution users and close to densely populated areas in the Bronx, Queens and Manhattan, the facility is well positioned to serve a variety of uses including last-mile distribution, cold-storage and traditional industrial.
511 Barry Street was the former headquarters of a major food distributor and is fully refrigerated. It has 32 loading docks, six drive-in bays, up to 22’ ceilings as well as an approximately 90,000 square foot truck court and parking lot. The location and unique physical characteristics of the warehouse make the property an ideal urban logistics facility for traditional warehouse / distribution, e-commerce as well as cold-storage users.
“Our investment philosophy focuses on value-add properties in the outer boroughs and we are thrilled to announce our latest closing in the Bronx,” stated Andrew Chung, founder and CEO of IPG. “We believe that last-mile distribution will become increasingly important with the rise in e-commerce and the demand for same- and next-day delivery. 511 Barry Street is a great facility in an ideal location poised to service all of New York City.”
David Junik and Fred Stein of brokerage firm Pinnacle Realty represented IPG on the acquisition.
Since 2015, IPG has been investing in New York City and is one of the city’s most active industrial players focused on last-mile warehouse facilities. 511 Barry Street is IPG’s second significant investment in the Bronx. In 2017, the company purchased 2505 Bruckner with affiliates of Square Mile Capital Management LLC, an integrated institutional real estate and investment management firm based in New York. 2505 Bruckner will be New York City’s largest, last-mile, multi-story urban logistics facility with state-of-the-art features.
IPG and Nan Fung Group also recently announced a $438 million recapitalization of 24-02 49th Avenue in Long Island City, Queens. IPG acquired the approximately 830,000 square foot, seven-story building with Westbrook in July 2016 for $195 million. In December 2017, IPG and Westbrook signed the building’s main tenant, the New York City Housing Authority, to a new, over 30-year lease for approximately 600,000 square feet. The building is being renovated, with the project nearing completion. IPG will soon be in the market to lease the remaining available space, approximately 230,000 square feet that includes the building’s top two floors and ground floor retail.
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About Innovo Property Group
Innovo Property Group (“IPG”) is a real estate investment and operating platform focused on acquiring and managing assets in the greater New York City metropolitan area. Headquartered in New York City, IPG was founded by Andrew Chung in 2015 and backed by Nan Fung Group, a Hong Kong-based global conglomerate with core businesses in property development and investment.
About Nan Fung Group
Founded in 1954, Nan Fung Group is a Hong Kong-based property developer and investor with net assets around $13 billion. To date, Nan Fung Group’s track record spans over 165 projects comprising over 66 million square feet. Outside of Hong Kong, Nan Fung Group’s property portfolio also covers various first tier cities in the Mainland of China; as well as London and New York. Nan Fung Group also holds a well-diversified, substantial financial investment portfolio, and has made significant progress in investments related to the life science sector in the United States and China.
About Granite Point Mortgage Trust
Granite Point Mortgage Trust Inc. is a Maryland corporation focused on directly originating, investing in and managing senior floating rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Granite Point is headquartered in New York, NY, and is externally managed by Pine River Capital Management L.P. Additional information is available at www.gpmtreit.com.