An updated Real Deal piece on the Two Trees acquisitions with more information on the deal. Including (my italics):
"The seller (Hamilton Plaza Associates), a joint venture between Meral Property Group and Joyland Group, bought the property for $35 million in 2016."
"The second site, at 118 Second Avenue, is owned by the U.S. Postal Service and Forest City Ratner held the leasehold after entering a 99-year agreement with the postal service in 2003. The nine-acre property is currently home to a Lowe’s Home Improvement Store, whose 20-year lease will expire in 2023."
And a possible use for the properties?
"... with last-mile delivery centers increasingly in demand, many developers are making plays for industrial space, especially in urban centers like Brooklyn"
Portfolio Sales of Smaller Industrial Properties Surging as Institutional Investors Jump On 'Last Mile' Logistics Bandwagon
"Given how e-commerce has managed to reverse the fortune of these previously overlooked and under-valued warehouse properties, perhaps other down-and-out real estate can be repurposed.
Anyone interested in turning abandoned malls into drone delivery centers for flying packages to online shoppers in surrounding neighborhoods? "