Industrial & Logistics

1080 Leggett Avenue

1080 Leggett Ave Bronx, New York United States 10474-5602
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Attributes

Year Built 1950
Building Area

Property Description

1080 Leggett Avenue is a 145,144 square foot urban logistics facility 100% net leased to a Fortune 50 Company for 10 years (LXP: Mar-30). The Property is ideally situated in the Bronx’s Hunts Point submarket, just 5 minutes from the Hunts Point Food Distribution Center, the largest food distribution center in the world, with the ability to access the greater Tri-State region’s large distribution base of over 20 million people. 1080 Leggett Avenue also features above market, last mile property specifications including 19 loading docks (loading ratio of 1 per 6,300 square feet), 4 drive-ins, and over 60,000 square feet of parking space. The Property offers prospective investors the rare opportunity to acquire investment grade credit real estate, with best-in-class property specifications in one of the most coveted urban logistics markets in the country, New York City. 

Investment Highlights

Long-Term, Investment Grade Credit Tenancy

  • 100% NNN leased to a Fortune 50 company for 10 years (LXP: Mar-30)
  • Below market in-place rent with contractual annual rent escalations of 3.0%
  • Mission critical facility with significant tenant capital spend

Strategic, Urban Infill, Hunts Point Location

  • 5 minutes from the Hunts Point Food Distribution Center, the largest food distribution center in the world
  • 10 minutes from one of the most affluent neighborhoods in the country, Manhattan’s Upper East Side (household income: $123,000+)
  • 3.9 million households (10.3 million people) within 15-miles with an average income of $112,000
  • Ability to reach the densely populated Tri-State Region’s 20 million people within 30 minutes via I-87, I-278, and the FDR Drive

Recently Modernized Facility with Best-In-Class Property Specs

  • Ownership recently completed a significant base building modernization plan
  • Now eligible for a 25-year ICAP tax abatement
  • Above market loading ratio of 1 loading dock per 6,300 square feet of distribution space
  • 60,000 square feet of parking / excess land and 22’ ceiling heights
  • Adjacent to rail siding with access to the Oak Point Rail Yard

Supply-Stricken Market with Strong COVID Demand Drivers

  • Less than 2% vacancy for Class A and B product in the Hunts Point submarket
  • 0% Class A cold storage vacancy
  • U.S. e-commerce penetration surged mid-pandemic, accomplishing 10 years of growth in 90 days (from approximately 15% to 35%)
Last Updated Date: 15 Jun 2021
Andrew Scandalios
Andrew Scandalios
Senior Managing Director, New York Co-Office Head
License details
NY-10331200140
Tyler Peck
Tyler S. Peck
Senior Director, Capital Markets
License details
NY-10401334171

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Last Updated Date: 15 Jun 2021

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