UPS Buys Red Hook Warehouse Site From Sitex for $303M

Discussion in 'The Latest UPS Headlines' started by cheryl, Dec 24, 2018.

  1. cheryl

    cheryl I started this. Staff Member

    UPS Buys Red Hook Warehouse Site From Sitex for $303M - Commercial Observer

    Global shipper United Parcel Service has paid $303 million to buy a Red Hook, Brooklyn industrial complex where it signed a triple-net lease last autumn, according to property records.

    The deal, which closed last Wednesday, gives UPS control of a 350,000-square-foot distribution hub that spans five street addressed along Brooklyn’s East River waterfront: 219 Sullivan Street, 202 and 242 Coffey Street, and 68 and 100 Ferris Street. In addition to the existing structures on the property, previously owned by seller Sitex, there’s room for 1.2 million square feet of new construction, The Real Deal previously reported.

    “The Brooklyn property is one of the locations UPS is considering to further optimize our ground network across the Northeast,” a spokesman for UPS told Commercial Observer in an email. “The property acquisition is one of many initial steps in the feasibility and planning process for the proposed project.”
     
  2. trickpony1

    trickpony1 Well-Known Member

    Wait a minute...

    I thought the company was about to go broke?
    I'm confused.
     
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  3. badpal

    badpal Active Member

    Seem they really buying a lot of real estate the last couple years.
     
  4. Indecisi0n

    Indecisi0n Well-Known Member

    Odd how that works . As a company grows they need more real estate .Who would have thought .
     
  5. Old Man Jingles

    Old Man Jingles Rat out of a cage

    Something about a bunch of pusillanimous drivers complaining about their hours.
     
  6. TearsInRain

    TearsInRain IE boogeyman

    did you really buy the stupid line that the capital spending was for contract negotiation?
     
  7. brownIEman

    brownIEman Well-Known Member

    Yes, yes many do. When the union overlords tell them UPS is only making large capital expenditures to appear broke for negotiations they believe it, hook, line and sinker. Never mind the expenditures are financed over many years so they will not so negatively impact the net revenue statements that UPS' Wallstreet overlords care about.

    But then, mentioning facts in an argument like this one is probably a misguided endeavor as it was never a fact based argument to begin with.