The association has merged with the Bronx-Manhattan North Assoc. of Realtors, resulting in a new HGAR Bronx chapter of nearly 1,5000 members.

JLL is one of the world's largest publicly traded commercial real estate brokerage companies.

"There is absolutely a need for centrally located fulfillment centers and distribution facilities, and we believe that some vacant warehouses can provide a good opportunity for that type of repositioning."

The L.A.-based investment firm will close on $375 million in acquisitions in October and put a $1.2 billion multifamily portfolio on the market.