Turnbridge Equities acquires 103,000 s/f IOS site for $20 million

Queens, NY Turnbridge Equities has acquired a 103,000 s/f industrial outdoor storage (IOS) site at 20-25 130^th St. in College Point for $20 million, according to Ryan Nelson, managing principal of Turnbridge Equities, the owner of the property.

Turnbridge was the stalking horse bidder in the bankruptcy proceedings of the seller, Zano Industries.

Turnbridge intends to improve the now-vacant property, with new paving, fencing, and lighting, and will offer it for lease on a long-term basis.

“The industrial market in New York City continues to shrink, and our strategy reflects that,” said Nelson. “130^th St. is a great IOS site, in an amazing location for logistics in New York City. We’re excited to add it to our IOS portfolio and look forward to quickly leasing it.”

Mathew Diana of DY Realty represented the seller and bankruptcy court in the sale process.   Turnbridge represented itself.

This marks Turnbridge’s 10^th industrial asset in the NYC metro area, growing its portfolio of logistics-focused properties across the region.

Turnbridge has been active in the New York City area industrial market over the last few months, signing two full property leases at 2350 East 69^th St. and 2647 Stillwell Ave., both in Brooklyn, in addition to a 255,000 s/f lease signed at 169 Pulaski St., in Bayonne, N.J., which Turnbridge acquired three months ago, for $92 million.

“We continue to find excellent industrial acquisition opportunities in the market, and the leasing momentum we’ve seen over the last 60 days fully validate that investment thesis,” Nelson said. “Right now, there are so many demand drivers at play in the market, which continues to demonstrate the growing and diversified demand for strategically located, urban industrial properties.”