Overview

Description

Avison Young, as exclusive agent, is pleased to offer 7 Bushwick Place (the “Property”) for sale. The Property is located on the northeast corner of Bushwick Place between Meserole Street and Montrose Avenue on the border of Bushwick and East Williamsburg in Brooklyn. The Property was originally constructed in 1920 and is a three-story warehouse building comprised of 71,500 RSF with rentable lower levels. The current tenant, TMI Trading (Twin Marquis) started occupying 7 Bushwick Place in 2004 and has put tremendous capital expenditure into the building as it was outfitted to suit their manufacturing and distribution needs. Twin Marquis is one of the largest Asian food manufacturers/distributors in the northeast and has recently extended their lease through 2032. TMI was purchased by CJ Corp, a leader in the Korean Food industry for the past 60 years and boasts a AA Credit rating on the South Korean Stock Exchange.

East Williamsburg - Brooklyn - New York

Highlights

• Long-term lease (2032) to institutionally backed manufacturing and distribution tenant (occupancy since 2012; NN lease; subsidiary of CJ Group)
• State-of-the-art food distribution facility (Major capital expenditure to outfit the space with complex tenant-specific infrastructure)
• Access to major truck routes (Minutes from BQE, LIE and Williamsburg Bridge)
• 1 block from L train at Montrose Avenue Station
• Inflation protected lease at greater of 2% or CPI
• Growing demand for industrial product in North Brooklyn
• ICIP Tax Abatement through 2036
• Emerging neighborhood with strong industrial, retail, and creative office presence
• Ample parking - 21 spots

Documents

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