CenterPoint acquires Canarsie industrial properties from Rentar Development Corp. through ground leases valued at $84M

CenterPoint acquired several industrial properties in Canarsie from Rentar Development Corp. through ground leases valued at $84 million. The transfers took place in two transactions.

In the larger, CenterPoint through the entity Centerpoint Flatlands 10300 LLC acquired from Rentar Development Corp.’s Felice Realty Co. a leasehold valued at $60.9 million for Turnbull Avenue, Van Sinderen Avenue and 10300 Foster Avenue in Canarsie. The deal closed on January 10, 2020, and was recorded on January 27, 2020. The transaction consists of 3 parcels, including the tax class unlicensed parking lot (G7). The parcel(s) have total development potential of 592,662 square feet.
The average sale price per square foot is $103.

CenterPoint is a national industrial real estate firm.  It acquired the Flatlands Portfolio this month.  Mat Diana, Paul Yuras and Peter Derbar of DY Realty represented Rentar.

“The Flatlands Portfolio is a strategic entry point for CenterPoint into the NYC boroughs – a market that has one of the highest barriers to entry in the country for investors and developers,” said Evan Lippow, CenterPoint Vice President of Investments. “Along the East Coast, CenterPoint has now acquired in excess of $300 million of infill assets over the past 6 months and is looking forward to continuing this high acquisition volume in 2020,” the company said in a statement posted on its website.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link”

In the second transaction, Centerpoint Flatlands LLC acquired a leasehold from Rentar Development Corp. through the entity Laura Realty Co. valued at $23.3 million for 1 parcel, including the tax class heavy manufacturing, fireproof building (F1) at 10203 Avenue D in Canarsie. The deal closed on January 10, 2020 and was recorded on January 27, 2020.

The property contains a total of 195,000 square feet of built space. The property has 315,213 square feet of total available development rights.

Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $1,906,457.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link