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


I started this.
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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.”


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

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.