Ford service center sells for $250m
Ford Motor Co. has plans to sell its service center in Manhattan’s far west side for an estimated price of $250 million to joint venture partners Pershing Square Capital Management and Georgetown Co. CBRE represented the seller.
The eight-story warehouse totals 464,000 square feet. It is 100 percent occupied by Ford and Lincoln brands, and Jaguar and Land Rover occupy the building’s ground-floor retail space.
The Ford property is at 787 11th Ave., between West 54th and West 55th streets, an area known as Dealership Row, with automotive brands such as BMW and Mercedes-Benz.
Pershing Square Capital Management will move into a portion of the building, according to the New York Observer. And a JPMorgan Asset Management fund provided a $180 million bridge loan for the acquisition. According to Real Capital Analytics, a tennis court is planned for the roof.
The acquisition is the largest New York City warehouse deal in the past