U-Haul has acquired an 11,838-square-foot industrial parcel located at 758-764 E. 138 St. in Port Morris, expanding its footprint in the industrial corridor of the South Bronx.
U-Haul, which already occupies space in Port Morris at 780 E. 138th St., acquired the parcel for $5.3 million, according to Cushman & Wakefield, the real estate firm that arranged the sale. U-Haul is paying roughly $448 per square foot and is expected to use the site as an expansion of its services.
Cushman & Wakefield told the Bronx Times that the property — which is within walking distance to the Cypress Avenue subway station and near the highway soup that is Major Deegan, Bruckner, and Cross Bronx expressways — has gained significant interest, indicating a demand for Port Morris’ industrial land.
“Parking in the Bronx has become increasingly unfeasible,” said Jonathan Squires, director of New York Middle Markets for Cushman & Wakefield, who focuses on the Bronx property sales. “We saw significant interest in this property as the insatiable demand for industrial land continues to grow.”
The Bronx Times reached out to U-Haul regarding its recent transaction and is still awaiting a response.
The property has M1-2 zoning —which allows multiple uses including manufacturing, commercial and community facility — and a footprint of approximately 23,676 total buildable square feet, and will be delivered as a vacant site.
Reach Robbie Sequeira at [email protected] or (718) 260-4599. For more coverage, follow us on Twitter, Facebook and Instagram @bronxtimes