New York, NY, Dec. 30, 2024 (GLOBE NEWSWIRE) -- Thor Equities Group, a global leader in urban real estate development, leasing and management, announced the sale of 280 Richards Street in Brooklyn, a state-of-the-art industrial facility developed by Thor and fully leased to Amazon, for $157 Million.
Located in Brooklyn's waterfront Red Hook neighborhood, 280 Richards Street was preleased to Amazon in 2021 and features approximately 312,100 square feet of distribution warehouse space, office and utilities space, loading docks, a truck court, and abundance of parking. The property is key for Amazon’s ability to immediately service the millions living in New York City and beyond.
"Logistics has been a core focus of our strategy for years, and this sale reinforces the strong demand for industrial properties in key markets, particularly those with long-term, stable tenants like Amazon,” said Chairman and CEO of Thor Equities Group, Joe Sitt.
Thor’s recent activity includes the procurement of over $100 million in construction loans for an industrial facility in Long Island and retail development in Miami, both arranged with ACRES Capital. In Miami, the loan will support the business plan to continue the leasing of the asset, which has already attracted an exciting mix of high-profile tenants. Among the notable current tenants at Wynwood Walk include Puttery, Velvet Taco, Sea Saw/Shinso, Chama De Fogo, Midtown Boba, and Collectors Club — each contributing to the lively experience that defines Wynwood Walk. In Long Island, the financing will support the development of a state-of-the-art, 310,500 square foot Class A industrial facility, designed to meet the growing demands of the market.
Also, in the industrial sector, Thor completed the sale of a premier industrial facility in Laredo, Texas, achieving an impressive 180% internal rate of return (IRR). The firm’s industrial platform includes properties in key markets in Florida, California, Georgia, Texas, New Jersey, Pennsylvania, and Illinois. Additionally, in late 2024, Thor acquired a 270-acre industrial property in the Greater Atlanta metro area, featuring a 506,220 square foot facility with a dedicated 100 MVA substation and 50 MW power output. The site is fully equipped with necessary infrastructure, allowing for immediate development for data centers or advanced manufacturing.
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About Thor Equities Group
Thor Equities is a leader in the development, leasing and management of industrial, laboratory, residential, office, hotel and mixed-use assets in premier locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its US holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 20 million square feet. Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, and leveraging market trends to maintain a long-term competitive edge. For more information, visit www.thorequities.com.
