Turnbridge Equities buys South Bronx industrial site for $56M
As e-commerce and grocery delivery services boom, Turnbridge Equities scooped up a South Bronx industrial site that could hold up to 890,000 square feet of warehouse space.
The firm paid $56.2 million for the 10-acre industrial development site at 980 East 149th Street, Crain’s reported. ACORE Capital financed the acquisition with a mortgage and mezzanine loan totaling $43.6 million.
A recycling business currently leases the South Bronx lot, but Ryan Nelson, a managing principal at Turnbridge, told Crain’s the company will develop a large warehouse on the site to attract food-distribution and wholesale businesses that supply nearby Hunts Point Market. He did not say when the development would begin, but said the acquisition was a long-term investment.