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Firm to lease 840,000-square-foot 2505 Bruckner Boulevard for owners Innovo Property Group, Square Mile Capital Management; first multistory industrial building in New York
EAST RUTHERFORD, N.J., January 29, 2017 — JLL was tapped by a partnership of Innovo Property Group and Square Mile Capital Management LLC ("Square Mile") to lease and market 2505 Bruckner Boulevard in the Bronx, N.Y. The company will provide a full range of leasing and marketing services for the planned, 840,000-square-foot, multistory industrial building.
The JLL professionals overseeing the assignment include Robert Kossar, international director and head of the firm's Northeast Industrial Region; and Dean Brody and Leslie Lanne, managing directors. They will work closely Andrew Chung, CEO, and Frank Mancini, head of asset management at Innovo, as well as Charles Ochman, head of asset management at Square Mile.
"The new city logistics project at 2505 Bruckner Boulevard could be the first multistory industrial building on the East Coast and just the second such facility in the entire country," said Kossar. "This building will lead the way for the next wave of modern last-mile distribution space in New York. No other facility like this exists that not only services Manhattan, but also all the outer boroughs, Westchester County and Long Island."
Innovo Property Group and Square Mile acquired the former home of Whitestone Multiplex Cinemas from Extell Development in early September. They will develop the multistory, 840,000-square-foot 2505 Bruckner Boulevard on the 20-acre site, which is located at the intersection of Cross Bronx Expressway, the Bruckner Expressway and the Hutchinson River Parkway. Demolition of the existing structure will commence in the spring of 2018.
"2505 Bruckner Boulevard is a uniquely vital project for the Bronx and New York City" said Chung. "Its central location allows it to function as a distribution center for a diverse group of businesses that serve more than 8 million consumers who live within 10 miles of the facility, and the facility will bring substantial jobs to the Bronx."
"We have been actively investing in promising redevelopment projects in New York City and elsewhere around the country," said Jesse Goepel, principal for Square Mile. "Through this partnership with Innovo, with representation by JLL, we believe that this unique, well-located distribution center will be a real success and serve the region well."
JLL formed its Northeast Industrial Region in early 2017, combining its industrial brokerage operations in New Jersey, New York and Pennsylvania into a single region. The firm merged its industrial business lines to better serve clients that increasingly viewed the industrial sector in all three states as one large interconnected market. The Northeast Industrial Market comprises approximately 1.54 billion square feet of industrial space, and represents the largest industrial market in the United States.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.
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