BROOKLYN, N.Y., Feb. 3, 2021 /PRNewswire/ -- A joint venture of Harbor Group International, LLC ("HGI"), a privately-owned international real estate investment and management firm, and Turnbridge Equities ("Turnbridge"), a vertically integrated real estate investment and development firm, and their affiliates, today announced the sale of 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.
The property was successfully 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."
About Harbor Group International
Harbor Group International, LLC, including its affiliates, is a private real estate and real estate related investment and management firm which controls a portfolio of worldwide assets valued at $12.6 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Baltimore, Los Angeles and Tel Aviv. The company's real estate holdings include 4.1 million square feet of commercial properties and 46,000 apartment units. For additional information, please visit www.harborgroupint.com.
BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $50 billion USD of assets under management (as of September 30, 2020) and expertise in the asset management of office, industrial, multi-residential, retail and hotel property across the globe. BentallGreenOak has offices in 24 cities across twelve countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients. BentallGreenOak is a part of SLC Management, which is the institutional alternatives and traditional asset management business of Sun Life.
The assets under management shown above include real estate equity and mortgage investments managed by the BentallGreenOak group of companies and their affiliates.
For more information, please visit www.bentallgreenoak.com.
SOURCE Harbor Group International, LLC