October 18, 2019

Prologis Drops $13.3M for East Williamsburg Warehouse

News Recent Closings

Commercial Observer

The country’s biggest owner of industrial spaces, Prologis, bought a former envelope manufacturing warehouse in East Williamsburg, Brooklyn, for $13.3 million, its second purchase in the area this year, Commercial Observer has learned.

“This is a property that’s been owned by the same family for over 30 years,” said Dan Marks, who brokered the sale for both sides along with Ofer CohenDaniel Lebor and Garrett Allen. “We’re excited to have a company like [Prologis] purchasing and owning properties in Brooklyn.”

“The industrial assets have definitely been in the most demand this year,” Marks said. “There are less and less areas in Brooklyn where you can create last-mile distribution or create light-industrial type uses.”

Marks said the owners of 450 Johnson Avenue decided to sell the property after three decades because the envelope manufacturing business is no longer sticking as email and online marketing gained prevalence.

“This is a common theme that we see from time to time in certain industrial areas,” Marks said. “The nature of their industry changes and it makes sense to sell the real estate and pursue other avenues.”

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