The Bronx industrial market is heating up with recent plans to develop the Bronx Logistics Center. This much-anticipated last-mile distribution facility is a joint venture between Turnbridge Equities and Dune Real Estate Partners.
It took more than two years for Turnbridge to acquire the 14.2 acres needed to build the Bronx Logistics Center. The site is located in Hunts Point at 980 E. 149th St.
The partnership and the predevelopment debt financing were coordinated by JLL Capital Markets. The project required a $105 million dollar loan, financed by JP Morgan, to get off the ground.
The Bronx Logistics Center is a unique asset for the Bronx. After the project is complete, the site will be one of the largest of its kind in the area. It also offers rail access, a coveted and rare feature for industrial locations in New York City.
Turnbridge is especially proud of the location of this new development. E-commerce is on the rise, with no signs of slowing down. Consumers expect their deliveries on demand, and the prime location of the Bronx Logistics Center will allow tenants to remain competitive in their industries.
Andrew Joblon, the founder of Turnbridge, has expressed excitement over this partnership with Dune, citing their common investment philosophy as a key to the project’s success.
Daniel M. Neidich, Dune CEO, also speaks positively of his company’s joint venture with Turnbridge. He believes that the Bronx Logistics Center will help fulfill the increasing demand for industrial assets in New York City.