Development and investment firm Turnbridge Equities has entered into a joint venture with affiliates of Dune Real Estate Partners to own and develop the Bronx Logistics Center, a Class-A industrial development site situated on 14.2 acres in the Hunts Point submarket of New York City. The joint venture secured $105 million in predevelopment financing for the project with J.P. Morgan. Turnbridge completed the five-property assemblage in a series of off-market transactions beginning in 2018.
“We believe strongly in this one-of-a-kind asset and the Bronx industrial market,” said Ryan Nelson, managing principal, Turnbridge. “There is enormous tenant demand for quality, last mile distribution space in this supply-constrained region. The innovative design and unbeatable location of the Bronx Logistics Center is poised to capitalize on the surging e-commerce trade in this area and growing consumer demand for faster and more convenient deliveries.”
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 are excited for our joint venture with Turnbridge, a partner with a proven track record within New York City’s logistics market,” said Daniel M. Neidich, CEO of Dune. “Bronx Logistics Center is well-positioned to capture accelerating tenant and investor demand for urban infill industrial assets within the significantly supply-constrained New York City region.”