Turnbridge Equities buys South Bronx industrial site for $56M

The firm wants to capitalize on the e-commerce delivery business

New York /
Jan.January 03, 2019 06:30 PM

980 East 149th Street in the Bronx (Credit: Google Maps)

As e-commerce and grocery delivery services boom, Turnbridge Equities scooped up a South Bronx industrial site that could hold up to 890,000 square feet of warehouse space.

The firm paid $56.2 million for the 10-acre industrial development site at 980 East 149th Street, Crain’s reported. ACORE Capital financed the acquisition with a mortgage and mezzanine loan totaling $43.6 million.

A recycling business currently leases the South Bronx lot, but Ryan Nelson, a managing principal at Turnbridge, told Crain’s the company will develop a large warehouse on the site to attract food-distribution and wholesale businesses that supply nearby Hunts Point Market. He did not say when the development would begin, but said the acquisition was a long-term investment.

As e-commerce services like Amazon and Jet fuel demand, industrial buildings that would have languished a few years ago are now highly sought after for “last mile” delivery. Nelson told Crain’s the South Bronx provided quicker access to Manhattan than Brooklyn and Queens, and tenants could avoid bridge tolls.

The latest deal marks Turnbridge’s third biggest acquisition of industrial space since the start of 2018. Last year, the company bought a 90,000-square-foot warehouse in East New York, and spent $60 million on 550,000-square-foot warehouse in Parsippany, New Jersey. [Crain’s] —Decca Muldowney


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
Here’s what the $10M-$30M NYC investment sales market looked like last week
Here’s what the $10M-$30M NYC investment sales market looked like last week
1065-1075 Gerard Avenue in the Bronx 
Prana pays Related $36M in Bronx multifamily play
Prana pays Related $36M in Bronx multifamily play
448 East 143rd Street in the Bronx (Credit: Google Maps)
Private developer’s NYCHA project in Mott Haven lands $79M in financing
Private developer’s NYCHA project in Mott Haven lands $79M in financing
Brookfield 's Brian Kingston with 3333 Broadway (Brookfield Asset Management, Street Easy)
Brookfield eyes $400M for massive Harlem rental
Brookfield eyes $400M for massive Harlem rental
Regal Ventures’ Alexander Smith with 301 West 53rd Street (LinkedIn, Fifty Third and Eighth, Getty)
Regal Ventures picks up Midtown retail condo in strong week of i-sales
Regal Ventures picks up Midtown retail condo in strong week of i-sales
Tankhouse’s Sam Alison-Mayne with 452 Union Street (Facades Plus, Google Maps, Getty)
Multifamily deals dominate strong week of NYC i-sales
Multifamily deals dominate strong week of NYC i-sales
Clarion Partners CEO David Gilbert along with 44 Berry Street (left) and 139 N 10th St (right) in Williamsburg (Getty Images, Clarion Partners, Google Maps)
Clarion eyes $70M for Williamsburg loft apartments
Clarion eyes $70M for Williamsburg loft apartments
Marcus Partners CEO Paul Marcus and 18-20 Harmich Road in South Plainfield, New Jersey (Getty Images, Lee & Associates, Marcus Partners)
Private equity firm buys South Plainfield warehouses for $37M
Private equity firm buys South Plainfield warehouses for $37M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...