Global fund manager IFM Investors acquires petroleum distributor with property worth $92M in Red Hook, Port Morris

IFM Investors, an investor-owned global fund manager through the entity Hercules Intermediate Holdings, LLC paid Buckeye Partners, a formerly public company’s Buckeye Partners, L.P. $92.1 million for 659 Court Street, 750 Court Street, 730 Court Street, 730 Clinton Street, 728 Court Street, and others in Red Hook and Port Morris. The deal closed on November 1, 2019, and was recorded on April 24, 2020. The transaction consists of 15 parcels, including the tax class fireproof warehouse (E1). The parcel(s) have total development potential of 2,285,099 square feet.
The average sale price per square foot is $40.

This transfer is a corporate-level merger with and acquisition of the Houston-based Buckeye, a petroleum pipeline and distribution company. This transfer represents the property Buckeye owned in New York. IFM announced in May 2019 that it would buy Buckeye. The last time the Red Hook property sold was December 11, 2013, when Buckeye bought the parcels from Hess for $15,500,000.

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