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“Homebuying momentum is building after nearly two years of suppressed home sales,” said NAR Chief Economist Lawrence Yun.
NEW YORK—Real estate investment firm Turnbridge Equities reported on March 2 it had completed a 14.2-acre assemblage in the South Bronx, where it will build the four-story, 1.24-million-square-foot Class-A, Bronx Logistics Center.
The New York City-based firm states the last-mile distribution facility will offer direct tractor-trailer ramp access to three levels, van access to the fourth level, 1,400 parking spaces, and a rail spur giving tenants an option to connect to CSX Transportation freight lines at the nearby Oak Point Rail Yards.
Because of the large site and topography, Bronx Logistics Center will be one of the very few buildings in the United States that offers separate, dedicated truck ramps to the various levels, Turnbridge officials state.
The 1.24-million-square-foot distribution facility, which is located in an Opportunity Zone, will be the largest multi-story distribution facility in the region and the only one that provides a rail transport option. Bronx Logistics Center will also include electric charging stations, dedicated car-pool areas, and an extensive rooftop solar panel system.
“We acquired the last of five parcels in December and plan to break ground later this year,” says Turnbridge Equities managing principal Ryan Nelson. “We are excited to be moving forward quickly, given the incredibly tight market and surging demand for Class-A distribution space in New York City.”
The Bronx Logistics Center, at 980 East 149th St., will be located less than two miles from the Hunts Point Food Distribution Center. It is just off the Bruckner Expressway, less than 10 minutes from Manhattan’s Upper East Side. LaGuardia Airport lies just across the East River via the Bronx Whitestone or Triboro/Robert F. Kennedy bridges, and JFK International Airport is only a 20-30-minute drive.
“The site is ideally situated to serve the entire New York City region’s 20 million people, including those in Manhattan, the boroughs, Westchester and northern New Jersey, and will accommodate a very large workforce via public transit,” Nelson said.
Turnbridge estimates that the Bronx Logistics Center will be operational in 2022.
Bronx Logistics Center will offer market-leading access, with levels one through three each containing dedicated drive-in access ramps for trucks and 17 dock doors per floor. The top level will be accessed by 14 drive-in ramps for vans and automobiles. Floor plates will average 250,000 square feet, with clear heights of 24 to 28 feet throughout. The layout and abundant loading doors and parking will permit one or more tenants per floor, each with dedicated loading areas. A combination of surface, structured and rooftop parking will accommodate more than 1,400 vehicles.
“E-commerce is growing not merely in volume but in sophistication, and its infrastructure must evolve to satisfy an unprecedented array of demands,” says Andrew Joblon, founder and managing principal of Turnbridge. “That’s why Turnbridge is creating a truly state-of-the-art center, where tenants can move large inventories with the kind of efficiency that next-day and especially same-day delivery requires. Our objective is to raise the bar on what a logistics center must offer.”
Over the last two years, Turnbridge has acquired and built a 3.5-million square foot portfolio of last-mile industrial space, comprising facilities in New York (Brooklyn, Queens, the Bronx and Rockland County) and in New Jersey (Newark and Parsippany). Turnbridge has deployed more than $1.5 billion in total deal capitalization across all asset classes, since the company was founded in 2015.
“We continue to be extremely bullish on the industrial market in New York/New Jersey,” Mr. Nelson says. “We leased over 500,000 square feet last year at our last mile properties and will continue to expand our portfolio.”
Turnbridge Equities is a New York City-based, privately held full-service real estate investment and development firm, with additional offices in Los Angeles, Washington, DC, Miami and Austin.
“Homebuying momentum is building after nearly two years of suppressed home sales,” said NAR Chief Economist Lawrence Yun.
Most of the counties in the HGAR market area are considered “high-cost areas” by the FHFA.
NAR officials noted yesterday that the court heard from all parties as well as objectors and the Department of Justice. Once arguments concluded, the court quickly ruled to grant final approval.
Outdoor space was especially important to movers to the Midwest, while movers to the Northeast were particularly driven by the need for more square footage and a better work commute.
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