Realterm Acquires Bronx IOS Site at 935 Garrison Avenue

Realterm, a global investment manager that focuses on the transportation industry, has announced the acquisition of 935 Garrison Avenue, a 1-acre industrial outdoor storage (IOS) site in the Bronx’s Hunts Point neighborhood. 

This acquisition marks Realterm’s fifth industrial property in the Bronx. The seller is Metro PH 935 Garrison, an LLC linked to Barry Haskell, a local industrial investor and president of Mendon Truck Leasing and Rental.

Marcus & Millichap‘s Steven Siegel, Philip Biancavilla and Jakub Nowak brokered the deal for the seller, while it was unclear who represented Realterm.

Realterm declined to comment on the sale price for the new deal, but the company acquired a nearby, 2.4-acre warehouse site in the Bronx in 2021 for $21 million, the New York Business Journal reported at the time. 

Located along the Bruckner Expressway, 935 Garrison Avenue features a 9,400-square-foot maintenance building that includes three drive-in bays. The property is currently vacant and looking for tenants.

“This acquisition reflects our strategy of targeting transportation-advantaged IOS maintenance facilities in markets where supply constraints and user demand create durable, long-term value,” Ed Brickley, managing director and senior fund manager at Realterm, said in a statement. “The Bronx — and Hunts Point in particular — checks those boxes, supported by its role as a core node in the city’s supply chain and the continued evolution of its surrounding infrastructure.”

Demand for IOS facilities has grown over the last few years as e-commerce continues to expand, and as businesses continue to need more efficient business and cost-effective storage solutions, according to Saunders Real Estate. 

Realterm plans to make significant capital improvements to its new property — although no details were provided — to enhance the site’s appeal to prospective tenants.

“The Bronx is home to some of the most active fleet and high flow-through distribution operators in the country, and this property sits at the heart of what makes the submarket so in demand: immediate highway access, proximity to Manhattan, and seamless connectivity to the broader metro,” Nick Dupuis, vice president of investments for the Northeast region at Realterm, said in a statement. “With minimal supply of functional IOS maintenance facilities and significant barriers to developing comparable sites, we believe this asset offers strong long-term value in a structurally constrained market.”

 Amanda Schiavo can be reached at aschiavo@commercialobserver.com.