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CBRE Global Real Estate Income Fund: DH Property Holdings, Goldman Sachs Asset Management complete the sale of 640 Columbia Street in Brooklyn to CBRE Investment Management

DH Property Holdings, LLC, a leading developer of urban infill industrial logistics facilities, and the real estate business of Goldman Sachs Asset Management (Goldman Sachs) have sold their interest in 640 Columbia Street, a three-story logistics facility in 400,000 square foot facility in Red Hook, Brooklyn at CBRE Investment Management.

DHPH developed 640 Columbia to specifications and signed a long-term lease on the facility with a global credit tenant. The property is close to Manhattan, Brooklyn and Queens, providing direct and quick access to more than 13.5 million people, the nation’s largest concentration of e-commerce consumers.

The facility sits on four acres and is the first multi-story logistics facility on the East Coast. 640 Columbia has best-in-class architecture and includes ramp access to the second-floor loading docks, as well as internal ramps connecting all three floors and a dedicated private elevator serving the third floor.

Founded in 2016 by Dov Hertz, DHPH is a Manhattan-based industrial real estate development, investment and management firm that has led the industrial logistics trend, developing market-leading distribution warehouses in complex and challenging urban environments.

“640 Columbia is an extraordinary facility that provides unparalleled access to Manhattan, Brooklyn, Queens and the greater metropolitan area,” Hertz said. “This is the first multi-story property in operation in the Northeast and provides a powerful long-term investment while positioning its tenants to outperform their competitors in the market.”

“This property, a first in this market, benefited from early recognition of the growth trend in e-commerce,” said Dirk Degenaars, managing director of real estate at Goldman Sachs Asset Management. “He is uniquely positioned to support tenants as they adapt to the changing delivery needs of their tenants, now and in the future.”

“We believe that increased demand for filling city logistics facilities, driven by shrinking delivery windows and rising consumer expectations, will keep demand for logistics space strong over the next few years,” said Mary Lang. , Head of Direct Logistics Strategies for the Americas at CBRE Investment. Management. “640 Columbia is located at the confluence of inbound deliveries in the New York metro area and serves as the premier last mile facility to some of the densest zip codes in the United States, making it a strategic complement to our logistics strategy. wider.

A team led by Adam Spies, Doug Harmon and Josh King of Cushman and Wakefield represented DHPH and Goldman Sachs in the 640 Columbia sale.

The sale of 640 Columbia follows DHPH’s recent sale of 55 Bay Street, an 85,000 square foot single storey Class A distribution center also in Red Hook. This facility, the first speculatively constructed industrial building in New York in more than half a century, was leased to Amazon Fresh ahead of the sale.

About CBRE Investment Management
CBRE Investment Management is a leading global real-asset investment management firm with $146.8 billion in assets under management* as of March 31, 2022, operating in more than 30 offices and 20 countries around the world . Through its investor-operator culture, the firm seeks to provide sustainable investment solutions across real asset classes, geographies, risk profiles and execution formats so that its clients, associates and its communities thrive. CBRE Investment Management is an independent affiliate of CBRE Group, Inc. (NYSE: CBRE), the world’s largest commercial real estate investment and services company (based on 2021 revenues). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management leverages CBRE’s market data and information, investment research and other resources for the benefit of its clients. For more information, visit www.cbreim.com.

*Assets Under Management (AUM) refers to the fair market value of investments linked to the real assets for which CBRE Investment Management provides, on a global basis, supervision, investment management services and other advice and which generally consist of investments in real assets. ; participation in funds and joint ventures; securities portfolios; operating companies and loans related to real estate assets. This AUM is primarily intended to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from other asset managers’ calculations and its calculation of regulatory assets. under management for certain regulatory filings. .

About DH Property Holdings
Founded in 2016 by company chairman Dov Hertz, DH Property Holdings is a Manhattan-based industrial real estate development, investment and management firm with a long history of acquiring and developing industrial property. first order. DHPH currently has over 5 million square feet, or over $2.5 billion, of Class A urban warehouses completed or underway throughout the Northeast including New York, New Jersey, Boston and in Philadelphia. In addition to 640 Columbia Street, notable DHPH projects include the 18-acre, 1.8 million square foot Sunset Industrial Park development in Brooklyn; the 65-acre 1900 South Avenue in Staten Island; the 69-acre 5000 Richmond Street and the 21-acre 9801 Bluegrass Road in Philadelphia.

About Goldman Sachs Asset Management Real Estate
Combining traditional and alternative investments, Goldman Sachs Asset Management offers clients around the world a dedicated partnership and a focus on long-term performance. As a primary investment area within Goldman Sachs (NYSE: GS), we provide investment and advisory services to the world’s leading institutions, financial advisors and individuals, leveraging our deeply connected global network and tailored expert insights across all regions and monitoring the market. over $2 trillion in assets under supervision globally as of March 31, 2022. Driven by a passion for client performance, we seek to build long-term, belief-based relationships, sustainable results and a shared success over time. Goldman Sachs Asset Management invests across the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Founded in 1991, Goldman Sachs Asset Management’s real estate business is one of the largest real estate investors with more than $50 billion in assets invested since 2012 across the full spectrum of investment strategies, more strategic to the more opportunistic. Our global team invests across all sectors with deep capital structure expertise, in assets ranging from single properties to large portfolios, including first mortgages, mezzanine debt and equity. Follow us on LinkedIn.

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services company that delivers exceptional value to occupiers and owners of real estate. Cushman & Wakefield is one of the largest real estate services companies with approximately 50,000 employees in over 400 offices and around 60 countries. In 2021, the company had revenue of $9.4 billion in core services of property, facilities and project management, leasing, capital markets, assessment and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.


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