JLL Northeast Industrial team announced it has completed a 568,543-square-foot lease at the newly-completed 2505 Bruckner Boulevardin the Bronx, the largest Class A logistics space currently available in New York City.
With just over half of the property now leased, the remaining 499,011 square feet of prime logistics space is available and ready for immediate occupancy.
Strategically located at the apex of five major highways, 2505 Bruckner is a state-of-the-art, multi-story urban logistics facility developed by Innovo Property Group in partnership with Square Mile Capital.The site was selected and developed to be one of the most efficient logistics hubs in the Tri-State area.
2505 Bruckner’s remaining 499,011 square feet of space is ideal for a large tenant demanding modern features that include direct loading with a 130-foot truck court, 80-foot by 80-foot column spacing as well as 35 dock doors and two drive-in doors. The remaining space is accessible to 53-foot tractor trailers via two, double wide ramps.
Comprising 1.07 million square feet of Class A logistics space spread across two floors and 500,000 square feet of fleet storage, 2505 Bruckner sits at the heart of the nation’s most populous city and offers unparalleled access to over 9.4 million people within a 15-mile radius. Within 10 minutes of the property are Manhattan, Queens, Brooklyn, Long Island and Connecticut, as it is situated at the intersection of major highways that include the Cross Bronx Expressway, Hutchinson River Parkway and the Bruckner Expressway and is close to major bridges.
A JLL Northeast Industrial Region team, led by Vice Chairman,Rob Kossar and Executive Managing Director,Leslie Lanne, serves as the exclusive leasing agent for 2505 Bruckner Boulevard.
“We are thrilled to have completed a 568,543-square-foot lease at 2505 Bruckner,” said Kossar. “The remaining 499,011 square feet of modern logistics space presents another large-scale option for tenants seeking last-touch, speed-to-market logistics in a supply constrained market.”
According to JLL’s 3Q 2022 NYC Industrial Insight report, extreme tightness in the market continues to drive developer and institutional activity to new heights. Lanne commented, “Tenants seeking to service the region’s massive consumer base continue to search for last-mile logistics space that takes the guessing out of delivery, and we are already seeing a great deal of interest in the remaining space available at 2505 Bruckner Boulevard.”
The remaining space includes 46 exterior parking spaces for trailers and box trucks as well as 361 interior parking spaces for cars and sprinter vans. The parking structure has electric car charging station conduit pre-run to every parking position.
JLL formed its Northeast Industrial Region in early 2017, combining its industrial brokerage operations in Connecticut, New Jersey, New York and Pennsylvania into a single region. The firm merged its industrial business lines to better serve clients that increasingly view the industrial sector in all four states as one large interconnected market. The Northeast Industrial Market comprises approximately 1.76 billion square feet of industrial space and represents the largest industrial market in the United States.
About Innovo Property Group
Innovo Property Group (“IPG”) is a real estate investment and operating platform focused on acquiring and managing assets in the greater New York City metropolitan area. IPG was founded by Andrew Chung in 2015 and headquartered in New York, NY.
About Square Mile Capital
Square Mile Capital Management is an integrated institutional real estate and investment management firm based in New York. The firm has an established history of successful investing in commercial real estate at all points in the market cycle. Square Mile Capital’s experience supplying flexible equity and debt capital solutions in diverse property sectors and across the risk spectrum, combined with its integrated national sourcing and investment platform, facilitates the creation of value for its investors, partners, borrowers and counter parties. Square Mile Capital seeks to identify the impact of long-term trends on real estate values and targets its equity investments on key investment strategies likely to benefit from such trends. The firm’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States utilizing its broad investment platform, product expertise and research resources. For more information, visit www.squaremilecapital.com.
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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
