Real estate investment and development firm Turnbridge Equities has acquired a 103,000-square-foot industrial outdoor storage (IOS) site at 20-25 130th St., in College Point, Queens, for $20 million, announced Ryan Nelson, managing principal of Turnbridge Equities.
Turnbridge was the stalking horse bidder in the bankruptcy proceedings of the seller, Zano Industries. The company intends to significantly improve the now-vacant property, with new paving, fencing and lighting, and will offer it for lease on a long-term basis.
“The industrial market in New York City continues to shrink, and our strategy reflects that,” Nelson said. “130th Street is a great IOS site, in an amazing location for logistics in New York City. We’re excited to add it to our IOS portfolio and look forward to quickly leasing it.”
This marks Turnbridge’s 10th industrial asset in the NYC metro area, growing its portfolio of logistics-focused properties across the region.
Turnbridge has been extremely active in the New York City area industrial market over the last few months, signing two full property leases at 2350 East 69th St. and 2647 Stillwell Ave., both in Brooklyn, in addition to a 255,000 square-foot lease signed at 169 Pulaski Street, in Bayonne, N.J., which Turnbridge acquired three months ago, for $92 million.
“We continue to find excellent industrial acquisition opportunities in the market, and the leasing momentum we’ve seen over the last 60 days fully validate that investment thesis,” Mr. Nelson says. “Right now, there are so many demand drivers at play in the market, which continues to demonstrate the growing and diversified demand for strategically located, urban industrial properties.”
Mathew Diana of DY Realty represented the seller and bankruptcy court in the sale process. Turnbridge represented itself in the transaction.
