JLL Capital Markets announced today that it has secured Dune Real Estate Partners asa joint venture equity partner and $105 million of predevelopment debt financingon behalf of Turnbridge Equities for Bronx Logistics Center, a 14.2-acredevelopment 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 recapitalizationwere 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 Centerwill 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’slocation, access to rail and market-leading property specifications position it as a best-in-class multi-story logistics facilitypoised 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.
About JLL
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.
