Simone Development Companies has acquired a property at 1720 Eastchester Rd. in the Morris Park section of the Bronx from Madison International Realty for an undisclosed price. The new owners plan on repositioning the property as a warehouse, distribution and logistics center for the East Bronx.
The 186,298-square-foot logistics center at the corner of Eastchester Road and Waters Place, adjacent to Simone’s 1.4 million square-foot Hutchinson Metro Center, formerly housed a 63,000 square-foot one-story Stop & Shop supermarket, a liquor store and a Subway restaurant.
Jonathan Squires, managing director in the investment sales group at Cushman & Wakefield, along with Josh King, represented the seller in the sale. The new owners were represented by Simone Senior Vice President of Development Megan Guy, Vice President of Development Brian Reardon, Vice President of Leasing Josh Gopan and in-house legal team of Dina Gupta and Sean Heneghan in the negotiations.
“This transaction was over four years in the making and incredibly complicated,” said Mr. Squires of Cushman & Wakefield. “We were grateful to have Madison International Realty as an extremely competent seller and Simone Development Companies as a buyer who comprehended the transaction and simplified the process due to their confidence in the property and their understanding of the local market.”
The 186,298 square-foot industrial logistics center features expansive outdoor parking, 18’ clear ceiling heights, multiple loading docks and drive-in doors. The property offers convenient access to local highways, and LaGuardia Airport, JFK and Westchester County airport can also be easily reached via a 17-, 25- or 34-minute car ride, respectively.
