Turnbridge Snags Another Industrial Site

Turnbridge Equities snapped up a Brooklyn industrial site, where it’s planning to build a ground-up warehouse and commercial parking lot.

The New York-based real estate investment firm purchased the 99,400-square-foot property bounded by Cozine Avenue, Louisiana Avenue, Malta Street and Wortman Avenue for $29 million, according to property records. The sellers of the East New York development site were Aaron Menche and Daniel Skura, according to PincusCo, which first reported the sale.

Turnbridge landed $63 million in financing from Acore Capital for the acquisition and construction of a new 90,000-square-foot development that will include a single-story warehouse, 45 parking spaces and loading docks, according to land valuation expert Duane Burress.

Turnbridge, founded in 2015 by Andrew Joblon, has been busy adding industrial properties to its $4 billion portfolio, including the 2022 purchase of a site in Canarsie where it built a state-of-the-art distribution warehouse that was fully leased within a few months of its completion.

An entity connected to Turnbridge also bought a trio of warehouses in Hunts Point for $15.3 million in 2022, just minutes away from the massive five-property, 1.3 million-square foot Bronx Logistics Center that is under construction.

The pandemic accelerated the rise of e-commerce, making industrial warehouses New York City’s hottest asset class.

In addition to the existing land shortage, some sites once zoned for industrial were rezoned for residential development in areas like Gowanus. The tight market has meant investors are facing staggering prices for properties amid intense competition from larger institutional investors such as Blackstone or Prologis.