The Real Deal New York

Walmart e-commerce site jet.com leases warehouse in Bronx

Company taking 200K sf of space at 1055 Bronx River Avenue
April 11, 2018 07:00AM

1055 Bronx River Avenue and Marc Lore (Credit: Google Maps and Getty Images)

Walmart’s e-commerce site jet.com is boosting its presence in the city with a new warehouse in the Bronx.

The company has leased an approximately 200,000-square-foot warehouse at 1055 Bronx River Avenue to strengthen its delivery offerings in the city, according to Crain’s. Prologis bought the warehouse in 2016 for almost $30 million, and the asking rent was $22 per square foot.

Amazon had been considering using the warehouse as a location for its online grocery-delivery business, which served as an added bonus for Walmart.

The Walton family purchased Jet in 2016 for $3 billion, and the company is particularly eager to expand its Taste of New York Shop. However, it was unclear whether Jet will use its new space for this.

Demand for warehouse space in New York has been skyrocketing recently thanks to the increasing popularity of online shopping, which also requires companies to find space to store all of their products.  [Crain’s]Eddie Small