CBRE Completes $330M Acquisition of Red Hook Amazon Facility

July 1, 2022

CBRE Completes $330M Acquisition of Red Hook Amazon Facility

By Mark Hallum

DH Property Holdings and Goldman Sachs Asset Management have completed the sale of a brand-new logistics facility in Red Hook, Brooklyn, to the investment arm of CBRE, Commercial Observer has learned.

The joint venture offloaded the 400,000-square-foot asset, fully leased to Amazon, at 640 Columbia Streetfor $330 million to CBRE Investment Management, as demand for industrial real estate continues to surge across the country, especially in port cities.

“640 Columbia is an extraordinary facility that offers unparalleled access to Manhattan, Brooklyn, Queens and the greater metropolitan region,” Dov Hertz, who founded DH Property Holdings in 2016, said in a statement. “It is the first multistory property operating in the Northeast and provides a powerful long-term investment while positioning its tenants to outperform competitors in the market.”

DH Property Holdings and Goldman Sachs bought the site in 2018 for $47.5 million and built the four-story facility on a 4-acre plot of land. It fully leased it to Amazon when the e-commerce giant signed a 12-year deal in 2021, according to The Real Dealwhich first reported the sale was in the works.

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