Turnbridge Tops Out NYC’s Largest Industrial Project
Bronx Logistics Center is scheduled for completion in the second quarter of 2023.
Turnbridge Equities has topped out Bronx Logistics Center, a 1.3 million-square foot distribution center situated in New York City’s Bronx borough. The Class A project is currently the largest multistory distribution facility in the city, spread across 14.2 acres.
Construction is slated for completion in the second quarter of 2023. JLL Capital Markets is in charge of the project’s leasing.
Turnbridge started assembling the five-property logistics center in December 2018. In 2020, the company partnered with Dune Real Estate Partners and secured $105 million in pre-development financing, provided by J.P. Morgan. A year later, the joint venture landed $381 million for the project’s construction. JLL had arranged the financing from accounts managed by KKR.
A Class A industrial development
Designed by Arco Design/Build Industrial, Bronx Logistics Center is located in a federally designed Opportunity Zone. The facility offers 585,000-square-foot warehouse space across two levels, with private entrances for both floors and includes 3 megawatts of energy-generating rooftop solar panels. The property includes a 730,000-square-foot parking area where 25 percent of the space will feature charging stations.
The logistics facility is located at 920-980 E. 149th St., in the South Bronx, just 13 miles from downtown Manhattan and 6 miles from the Upper West Side. The industrial complex has access to interstates 95, 278 and 895, as well as the RFK Bridge to Manhattan. The site includes a CSX freight railway spur, which offers tenants potential direct rail access. The surrounding area is home to several companies, including Manhattan Beer Distributors, Amazon, FedEx. The property is close to the Hunts Point Food Distribution Center.
According to CommercialEdge data, New York City has a pipeline of 35 industrial projects in various stages of development, set to add approximately 13.1 million square feet to the existing inventory. The largest warehouse currently under construction, at 1.8 million square feet, is located in Brooklyn. Bridge Industrial is developing the project.