Sale of Amazon-Leased Bronx Warehouse Fetches Over Double 2019 Price

Innovo Property Group has sold the 81,000-square-foot warehouse the company acquired for $54 million in 2019. Recently leased to Amazon, the property located at 511 Barry Street sits on a 4.6-acres site, selling at a 3% cap rate to CenterPoint Properties for $119 million in an off-market, all-cash deal. The latest acquisition, along with the May 2021 purchase of adjacent 1080 Leggett Avenue — also leased by Amazon, gives CenterPoint a combined 9-acre distribution campus only 5 miles from Manhattan in Hunts Point.