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Turnbridge Equities pays $56M for South Bronx industrial site

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Turnbridge Equities has acquired at South Bronx industrial site at 980 East 149th Street from Con Agg Recycling for $56.2 million. The 10-acre lot allows for the development of around 890,000 SF, according to Crain’s

Acquisition financing: Turnbridge secured $43.6 million in financing from ACORE Capital to close the deal. 

What comes next: After the current tenant’s lease expires, the company will develop a large warehouse to attract food-distribution and wholesale businesses.

Heard on the Street: Turnbridge’s Ryan Nelson: “The e-commerce grocery-delivery business continues to grow… We see a lot of future demand for warehouse spaces from users in that business who need to be close to Hunts Point Market.”

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