Every restaurant kitchen from Tribeca to Westchester depends on the trucks that roll out of the Hunts Point peninsula before 4 a.m., and cold-storage bays with ammonia refrigeration are virtually impossible to replicate under modern city codes. Peter Lewis's Wharton Industrial and cold-storage giant Lineage paid $34.8 million—or $370 a square foot—to acquire the 94,000-square-foot refrigerated fortress at 1120 Oak Point Avenue, delivering a 65.7 percent gain over its 2018 trade. When the deed closed on March 5, 2026, Lineage Logistics and Wharton Industrial (Peter Lewis) had officially taken down 1120 Oak Point Avenue from Dairyland / Chefs' Warehouse Sale-Leaseback Affiliates for $34.8 million, with CBRE National Partners brokering the trade.

Look past the sticker price and the trade tells a clear story about replacement cost in Bronx. At $370 a square foot across 94,000 square feet, the closing price marks a 65.7 percent step-up over the $21 million basis recorded in April 2018. In today's five-borough construction market, buying modern or well-maintained brick at $370 a square foot still beats the time and cost of digging a foundation from scratch. Even better for the buyers, the in-place rent roll hands them a verified 6.20 percent going-in cap rate from day one.

MetLife Backs Sub-Zero Infrastructure at 6.2% Cap

The real tell in any Bronx closing sits on the debt side of the ledger. To fund the purchase, Lineage Logistics and Wharton Industrial (Peter Lewis) locked in a $22.62 million senior industrial acquisition mortgage from MetLife Investment Management at 65 percent loan-to-value.

That loan commitment meant the buyers only needed to write a $12.18 million equity check to control a 2-story, 2008-vintage Hunts Point asset. Credit committees aren't stretching to 75 percent leverage anymore, but when a sponsor brings $12.18 million of real cash equity and a basis of $370 a square foot, lenders like MetLife Investment Management are wide open for business.

From Our Desk

When we look at 1120 Oak Point Avenue on our placement desk at Light Tower Group, the lesson for New York sponsors comes down to the marriage of entry basis and lender selection. Lineage Logistics and Wharton Industrial (Peter Lewis) didn't try to fight the tape—they bought Hunts Point footage at $370 a square foot and paired it with the exact lender bucket built for this business plan. Cold storage inside the five boroughs isn't real estate so much as mission-critical food infrastructure—which is why MetLife happily wired 65 percent leverage at a 6.2 percent going-in yield.