J
oe Sitt's Thor has found a buyer for its Amazon-leased Brooklyn warehouse. Terreno Realty is set to acquire the 312,000-square-foot distribution center at 280 Richards Street in Red Hook for approximately $157 million. The sale comes after Thor received interest from overseas investors, including those from South Korea, Germany, and the Gulf States.

    Thor initially listed the property this summer for about $150 million. The high demand for industrial properties in Brooklyn, particularly with Amazon's long-term lease, likely contributed to the sale price. The new buyer can assume a $73 million mortgage on the property, which has a 3.85% interest rate through 2028.

    Thor acquired the development site in 2005 for around $40 million and initially planned to build an office complex before shifting to a warehouse as demand for last-mile industrial properties grew. Terreno Realty recently purchased a large portfolio of industrial properties from Blackstone for $246 million, including over 20 sites near John F. Kennedy Airport in Queens.

    Thor is expanding its focus on industrial real estate, having launched its ThorLogis division in 2019. The company is known for its retail properties in Manhattan but has been increasingly active in the industrial sector.