Bridge Investment Group pays $37.6M to PepsiCo for industrial in Hunts Point

Bridge Investment Group’s Bridge Logistics Properties through the entity BLV II NY 1101 Oak Point Avenue LLC paid $37.6 million to PepsiCo through the entity Rolling Frito-Lay Sales, Lp for the industrial building (E9) at 1101 Oak Point Avenue in Hunts Point, Bronx.
The deal closed on June 16, 2025 and was recorded on June 18, 2025. The property has 23,703 square feet of built space and 164,456 square feet of additional air rights for a total buildable of 187,950 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,586 and the price per buildable square foot is $200 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for PepsiCo was Deborah Wittemore . The signatory for Bridge Investment Group was Jonathan Slager . The contract date was June 9, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Bridge Investment Group purchased two properties in two transactions for a total of $135.2 million and sold one property in one transaction for a total of $7.5 million over the past 24 months.
The seller PepsiCo purchased three properties in one transaction for a total of $7.8 million and sold one property in one transaction for a total of $105.2 million over the same time period. The 23,703-square-foot property generated revenue of $424,521 or $18 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Hunts Point has 23,703 square feet of built space and 164,456 square feet of additional air rights for a total buildable of 187,950 square feet according to a PincusCo analysis of city data. The parcel has frontage of 220 feet and is 401 feet deep with a total lot size of 93,975 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,010 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Hunts Point, The majority, or 59 percent of the 14.4 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 15 percent of the space. In sales, Hunts Point has had very little sales volume relative to other neighborhoods with $109.6 million in sales volume in the last two years. For development, Hunts Point has had very little major development activity relative to other neighborhoods.It had 855,301 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 11 of the 21 commercial properties representing 593,009 square feet of the 949,391 square feet. The largest owner is Centerpoint Properties, followed by Innovo Property Group and then Feil Organization.
On the tax block, there was one new building construction project filed totaling 36,596 square feet. It is a 36,596 square-foot business (B) building submitted by Andrew Chung with plans filed September 22, 2022 and permitted May 26, 2023.

The majority, or 100 percent of the 949,391 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Pepsico owned at least three commercial properties in New York City with 0.0 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 0 percent of the 0.0 square feet of built space are industrial properties, with development properties next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Bridge Investment Group owned at least three commercial properties in New York City with 97,400 square feet and a city-determined market value of $15.2 million. (Market value is typically about 50% of actual value.) The portfolio has $109.8 million in debt, borrowed from TPG Real Estate Partners. Within the portfolio, all identified are industrial properties. They are all located in Brooklyn.

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