2505 Bruckner Boulevard.
NEW YORK CITY- Innovo Property Group and Square Mile Capital Management have landed $305 million in construction financing from the Bank OZK and EverWest Real Estate Investors to develop a one million square foot, two-story Class A logistics and distribution facility at 2505 Bruckner Boulevard in the Bronx. Cushman & Wakefield arranged the financing.
Construction on the 20-acre site has begun and the project is dated for completion in the first quarter of 2022. IPG and Square Mile Capital acquired 2505 Bruckner in 2017. When completed, the facility is expected to clock in at more than one million square feet.
The building's scale is ideal for a large tenant seeking a logistics base in the New York area. The property 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.
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 add electric car charging stations in the parking structures and solar panels on the roof.
Within 30 minutes of 2505 Bruckner Boulevard is Manhattan, Queens, Brooklyn, Long Island and Connecticut, and is situated at the intersection of major highways including the Cross Bronx Expressway, Hutchinson River Parkway and the Bruckner Expressway and major bridges.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
