NEW YORK CITY—Turnbridge Equities has recapitalized the Bronx Logistics Center, an industrial development site situated on 14.2 acres in the Hunts Point submarket. The company entered into a joint venture with affiliates of Dune Real Estate Partners to own and develop the five parcel assemblage. At the same time, the JV secured $105 million in pre-development financing from J.P. Morgan. Turnbridge completed the assemblage in a series of off-market transactions beginning in 2018.
|The company says that Bronx Logistics Center is expected to be one of the largest multi-story, last mile distribution facilities in the region when complete, and is currently the only planned industrial development site in the New York City market with available rail access.
|"We believe strongly in this one-of-a-kind asset and the Bronx industrial market," said managing principal Ryan Nelson in prepared remarks. "There is enormous tenant demand for quality, last mile distribution space in this supply-constrained region."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
