JLL secures equity and financing for Bronx Logistics Center
The 14.2-acre development site is located at 980 East 149th St. in Hunts Point
NEW YORK, September 8, 2020 — JLL Capital Markets announced today that it has secured Dune Real Estate Partners as a joint venture equity partner and $105 million of predevelopment debt financing on behalf of Turnbridge Equities for Bronx Logistics Center, a 14.2-acre development site located at 980 East 149th St. in the Bronx. The development site is strategically positioned in the Hunts Point submarket with access to over 17 million people within a half-hour drive.
Representing Turnbridge Equities in the equity recapitalization were Senior Managing Director Andrew Scandalios; Senior Director Tyler Peck; and Vice President Thomas Pryor. JLL’s Senior Managing Director Christopher Peck; Senior Director Peter Rotchford; and Vice President Kristin Knapp arranged the debt financing.
The proposed development Bronx Logistics Center will be a state-of-the-art, 1.2-million-square-foot, four-story last-mile distribution facility featuring 70 loading docks, 1,400 parking spaces and clear heights up to 28 feet. Bronx Logistics Center is conveniently located close to I-278, which offers easy connection to I-87 and I-95, and is less than two miles from the Hunts Point Food Distribution Center, one of the largest wholesale distribution centers in the world.
“Same-day delivery is expected to increase from 2 percent to over 25 percent of e-commerce transactions by 2025, which has now accelerated due to the COVID-19 pandemic,” Scandalios said. “This facility’s location, access to rail and market-leading property specifications position it as a best-in-class multi-story logistics facility poised to capitalize on the increasing need for rapid delivery times to consumers.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.