Debt Provided by Bank OZK and EverWest Real Estate Investors for 1,000,000 Square Foot Last Mile Urban Logistics Facility
Innovo Property Group (IPG) and Square Mile Capital Management LLC have obtained construction financing totaling $305 million for their development of a one million square foot two-story Class A logistics and distribution facility at 2505 Bruckner Boulevard, Bronx, NY. The construction loans were provided by Bank OZK and the Structured Finance platform of EverWest Real Estate Investors. Construction is underway on the 20-acre site. The project is expected to be completed in the first quarter of 2022.
IPG and affiliates of Square Mile Capital purchased 2505 Bruckner in 2017. The state-of-the-art facility will be a one million square foot, last-mile logistics center situated on 20 acres in the Bronx. The building’s scale, unparalleled in New York City, makes it an ideal choice for users seeking a large logistics solution for their New York area customers. It will have cutting-edge, modern features, including direct loading on the first and second floors, each with a 130-foot truck court. The first floor will feature 32-foot clear heights, 40-foot by 40-foot column spacing as well as cross-docked loading with 74 dock doors and 2 drive-in doors. The second floor, which will be accessible by 53-foot tractor trailers via two, double wide ramps, will feature 28-foot clear heights, 80-foot by 80-foot column spacing, 37 loading dock doors and 2 drive-in doors. An additional, significant amenity for the two-story warehouse is the ample space for fleet storage and parking. The facility will include 133 exterior parking spaces for trailers and box trucks as well as 664 interior parking spaces for cars and sprinter vans. The building has been designed to easily add electric car charging stations in the parking structures and solar panels on the roof.
2505 Bruckner Boulevard is within 30 minutes of over 9.4 million people and offers convenient access to Manhattan, Queens, Brooklyn, Long Island and Connecticut. Situated at the intersection of major highways including the Cross Bronx Expressway, Hutchinson River Parkway and the Bruckner Expressway and major bridges, the new last-mile property will provide a solution to help retailers and e-commerce improve the logistics of same-day and next-day deliveries.
The financing was arranged by Adam Spies, Adam Doneger, Steve Kohn, and Alex Hernandez of Cushman & Wakefield.
Jones Lang Lasalle is representing ownership as a leasing broker and will be marketing the property to a variety of users including e-commerce, third-party logistics and omnichannel retail companies.
About Innovo Property Group
Innovo Property Group is a real estate investment and operating platform focused on acquiring and managing assets in the greater New York City metropolitan area. Headquartered in New York City, IPG was founded by Andrew Chung in 2015 and backed by Nan Fung Group, a Hong Kong-based global conglomerate with core businesses in property development and investment.
About Square Mile Capital Management LLC
Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm has an established history of successful investing in commercial real estate at all points in the market cycle. Square Mile Capital's experience supplying flexible equity and debt capital solutions in diverse property sectors and across the risk spectrum, combined with its integrated national sourcing and investment platform, facilitates the creation of value for our investors, partners, borrowers and counterparties. Square Mile Capital seeks to identify the impact of long-term trends on real estate values and target its equity investments on key investment strategies likely to benefit from such trends. The firm's commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States utilizing our broad investment platform, product expertise and research resources. For more information, visit www.squaremilecapital.
About EverWest Real Estate Investors, LLC
EverWest Real Estate Investors, LLC, a wholly owned subsidiary of GWL Realty Advisors, is a Denver, Colorado based real estate investment manager and operator who invests in equity and structured finance investments across core, value add, development and opportunistic strategies in office, industrial, multi-family, and retail property types. EverWest Real Estate Investors serves a variety of clients that include major institutional investment managers, pension plans, foundations, endowments, and high net worth individuals. EverWest Real Estate Investors provides a full-service investment management operating platform through its five regional offices with established acquisition, asset management, property management, financing, operations and reporting capabilities to its clients. EverWest Real Estate Investors has regional offices in Charlotte, New York, San Francisco and Los Angeles. For more information, please go to www.EverWest.com.
