Bridge Investment Group Buys Frito-Lay Distribution Center in Brooklyn for $105M
By Isabelle Durso December 26, 2024 3:50 pm
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Bridge Investment Group has purchased the Frito-Lay distribution center in Brooklyn for $105.3 million, according to city records made public Thursday.
Bridge, through the entity Blusv II NY 222 Morgan Ave, bought the property at 222 Morgan Avenue in East Williamsburg from PepsiCo, which owns Frito-Lay, records show.
Bridge CEO Jonathan Slager signed for the buyer, while PepsiCo’s James Keeley signed for the seller, which used the entity Rolling Frito-Lay Sales, according to records.
It’s unclear who brokered the deal. Spokespeople for PepsiCo and Bridge did not immediately respond to requests for comment.
The deal represents a steep price hike from the $8.7 million Frito-Lay paid in 2004 for the 41,900-square-foot facility on the corner of Morgan Avenue and Grand Street, records show.
Frito-Lay, which has more than 200 distribution centers across the U.S. and Canada, sells snacks that include Lay’s, Ruffles, Doritos, Cheetos, Tostitos, SunChips and Fritos.
PepsiCo’s Frito-Lay is also known for having the largest “direct store delivery” system in North America, according to its website.
While it’s unclear what Bridge intends to do with its new Brooklyn site, it seems the investment manager has had no problem paying high prices for properties around the country lately.
That includes Bridge’s $129.2 million purchase of a 406-unit multifamily complex in Santa Ana, Calif., in November, and its takeover of a 165,604-square-foot office building in Washington, D.C., in August.
Isabelle Durso can be reached at idurso@commercialobserver.com.
