By: Jeff Hamann – Sparrow Hawk Real Estate Strategies

July 9, 2021

Real Capital Solutions’ $125 million acquisition of a 1 million-square-foot Amazon facility in Castleton-On-Hudson, N.Y., was the largest industrial deal to close in the state during the first five months of 2021. The seller, Scannell Properties, developed the asset, which opened late last year. The property is Amazon’s first fulfillment center in upstate New York and the e-commerce giant plans to eventually employ 1,000 people at the facility.

As the company rapidly scales up its distribution channels nationwide, investor demand for its facilities has also escalated: A recent Commercial Edge report showed that, since the beginning of 2020, Amazon-leased facilities have sold, on average, for $145 per square foot—approximately 50 percent higher than the asset class as a whole.

Full Article Link: https://sparrowhawkre.com/news/top-5-industrial-transactions-in-2021/