GFP Real Estate has signed a 10-year lease renewal for Twin Marquis, a New York-based, South Korean-owned manufacturer of fresh, authentic Asian noodles and wrappers, for 71,500 square feet at 7 Bushwick Place on the border of Bushwick and East Williamsburg, Brooklyn.
In addition, GFP Real Estate said that that it will offer the fully leased industrial property for sale with an asking price of $30 million. Avison Young’s Principal and Head of Tri-State Investment Sales James Nelson, Director Brent Glodowski, Director Fritz Richter and Associate Adriana Stacy will lead the marketing and sales efforts on behalf of GFP Real Estate.
Twin Marquis has occupied the building since 2004 and has since outfitted the building with a state-of-the-art food production facility for the company and its 400-plus employees. The company — one of the largest Asian food manufacturers and distributers in the Northeast —was purchased by CJ Foods USA Inc. in 2011.
“With a new long-term lease in place, 7 Bushwick Place presents the perfect opportunity for an investor to purchase a stabilized asset in the heart of East Williamsburg occupied by a credit tenant,” Nelson said. “We are thrilled to represent GFP and their partners on this tremendous long-term investment opportunity that offers future upside potential in a neighborhood that continues to rise with a variety of creative uses accessible by great transportation.”
Brian R. Steinwurtzel, co-CEO and principal of GFP Real Estate, represented the landlord, GFP Real Estate, in the lease transaction.
Built in 1920, 7 Bushwick Place is a three-story, 71,500-plus-square-foot warehouse located on Bushwick Place between Montrose Avenue and Meserole Street. The property features heavy power, concrete floors, cogeneration, multiple loading areas, several freight elevators and sprinklers throughout.
