Turnbridge Recaps Bronx Logistics Center; Secures $105M
Turnbridge entered into a joint venture with Dune Real Estate Partners to own and develop the five parcel assemblage.
NEW YORK CITY—Turnbridge Equities has recapitalized the Bronx Logistics Center, an industrial development site situated on 14.2 acres in the Hunts Point submarket. The company entered into a joint venture with affiliates of Dune Real Estate Partners to own and develop the five parcel assemblage. At the same time, the JV secured $105 million in pre-development financing from J.P. Morgan. Turnbridge completed the assemblage in a series of off-market transactions beginning in 2018.
The company says that 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 believe strongly in this one-of-a-kind asset and the Bronx industrial market,” said managing principal Ryan Nelson in prepared remarks. “There is enormous tenant demand for quality, last mile distribution space in this supply-constrained region.”