Turnbridge Shares is building one of New York’s largest industrial projects – a 1.3 million square foot logistics center in the South Bronx – and construction on the Hunts Point development recently went vertical.
The property at 980 East 149th Street will include two long floors of warehouse space – approximately 585,000 square feet – as well as an attached five-story garage for truck fleet parking. Parking will also be available on the roof and in an adjacent surface lot, for a total of up to 1,500 spaces. The building will feature planted green roofs and rooftop solar panels, and 25% of its parking spaces will be equipped with electric vehicle charging stations.
Construction began last fall and is expected to be complete in the spring of 2023. Turbridge acquired five industrial parcels to assemble the site beginning in 2018 for a total of $174 million, and landed $381 million in financing the construction of KKR last fall, The real deal reported.
“We designed it to be the main Class A multi-storey warehouse in the region,” said ryan nelson of Turnbridge, which is developing the project with Dune Real Estate Partners. “I think this is the largest industrial project under construction in New York right now.”
The project is built to specifications and has no anchor tenant. Nelson said it could house one or more tenants, and his team plans to put the building in a white box rather than build it for a specific occupant. The property could work well for two tenants as it is on a steep slope and has two main truck entrances – one up the hill and one down.
JLLit is Leslie Lannewho markets the building, said it could work for any type of logistics or distribution tenant.
“It could be the last mile,” she said. “The most meaningful tenants are involved in the logistics of the city, whether it’s food and beverage, e-commerce, automotive, construction, or the city itself. same ; or it could be more of a retail element, like in-store order fulfillment. »
The 14-acre site sits between Bruckner Boulevard, freight lanes and a grocery distribution warehouse along the East River. Lanne noted that the fact that it can be connected to a rail line is a unique selling point for an industrial property in the five boroughs.
But the biggest advantage of the development is that it’s brand new, rather than 60-100 years old. Mid-century warehouses often have low ceiling heights of 15 to 16 feet and poor column placement that make it difficult to maneuver large trucks.
Meanwhile, the East 149th Street facility will have 32-foot ceiling heights, wide column spacing and four hoists.
“It’s night and day compared to what current stock offers,” Nelson said. And the city’s industrial market is extremely hot, he added, with “industrial vacancy in the city at less than 2 percent.”
Rebecca Baird-Remba can be reached at [email protected].