BROOKLYN, N.Y.--(BUSINESS WIRE)--Turnbridge Equities (Turnbridge), a vertically integrated real estate investment and development firm, announced the acquisition of 2300 East 69th Street Avenue in Brooklyn, NY, for $16.6 million. The 2.52-acre property, which includes an 11,000 square foot building, is slated for industrial outdoor storage (IOS) use and will be the third New York City IOS property that Turnbridge has acquired in the last year for its urban-infill IOS portfolio. The property is adjacent to 2350 East 69th Street, a 1.4-acre property that Turnbridge acquired in January 2024 for $8.85 million, bringing the assemblage to nearly four acres. 2350 East 69th Street includes a 48,000 square foot building currently occupied by tennis and gym operator, MatchPoint NYC.
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. Turnbridge’s other IOS properties are located near the Port of Long Beach and Port of Los Angeles, in California, as well in New York City.
“We are excited to add another property to our growing IOS portfolio in the New York City market. 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. In addition, both markets enjoy multiple demand drivers outside of ecommerce, such as media studios, municipal services, laydown yards, container storage, and renewable energy production and energy storage.
About Turnbridge Equities
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. Turnbridge has over $3 billion of assets under management across two managed funds, and is headquartered in New York City with additional offices in Washington D.C., Los Angeles, Austin, and Miami. Disclaimer: This does not constitute an offer to sell or a solicitation of an offer to purchase any interests in any Turnbridge projects.
