Turnbridge Equities Acquires 2.5-acre Industrial Outdoor Storage (IOS) Site in Brooklyn, New York
Summary
The assemblage is located near the Belt Parkway in Brooklyn, providing immediate access to JFK Airport and the greater New York City Area, including proximity to seven million people within a 30-minute drive. 2300 East 69th is the fifth property Turnbridge has acquired within its growing IOS portfolio, which is specifically targeting high-barrier-to-entry, infill locations that maintain significantly higher demand-to-supply ratios than other markets. We are actively looking to expand our IOS portfolio and are targeting sites in the high barriers to entry markets of New York City, Northern New Jersey, and Los Angeles.” said Ryan Nelson, Managing Principal for Turnbridge Equities. “We continue to see strong tenant demand and very little available supply in our markets.” The growth in last-mile urban industrial warehouse development due to the rise in next-day and same-day delivery, as well as conversion of vacant land to mixed-use development, has resulted in a dramatically reduced supply of unimproved land sites that can be used for fleet and trailer parking and IOS required to serve high-density population centers, such as New York City and Los Angeles. Founded in 2015 by Andrew Joblon, Turnbridge Equities is a vertically integrated, SEC-registered real estate investment and development firm with a demonstrated track record of success across a wide range of asset classes and markets.