Turnbridge Equities and Harbor Group International Acquire Long-Term Master Lease for Last Mile Industrial Building, 2300 Linden Boulevard, Brooklyn
NEW YORK CITY – An affiliate of Harbor Group International, LLC (HGI), has entered the New York City industrial market after entering into a long-term master lease, in joint venture with Turnbridge Equities, for 2300 Linden Boulevard, a 90,000 square-foot industrial building in Brooklyn.
The building, which was delivered vacant, occupies the blockfront of Linden Boulevard, Essex Street and Linwood Street, only five miles from JFK Airport, the 20th busiest air cargo hub in the world. Turnbridge and HGI plan a multimillion dollar renovation of the project, including the addition of a rooftop photovoltaic system, and will then lease the property to third party tenants. The lessor is Monchik Properties and Shepher Distributors.
“We are excited to have secured this jewel of a property,” says Ryan Nelson, Managing Principal of Turnbridge Equities. “Through our efforts, we plan to make 2300 Linden Boulevard the premier last mile distribution building in the JFK/East New York sub-market. Given the lack of available large blocks of space, this property will offer the market something it doesn’t currently have: fully renovated, modern distribution and warehouse space with excellent loading, ceiling heights and systems. We’re offering 90,000 SF of contiguous space, but the property can also demise for smaller tenants.”
The property offers easy of access to all five boroughs as well as Long Island.
“The property offers easy access to all five boroughs as well as Long Island and is in close proximity to JFK airport and surrounding demand centers,” says T. Richard Litton, Jr., President of HGI, “The property is within a 45-minute drive of 15 million people and in close proximity to the FedEx Ground and USPS Distribution Facilities. It’s also located within 5 blocks of the subway.”
“We will be offering Class A industrial space, with extensive, off-street and secure, tailboard loading for discerning tenants, corporate users and small business owners,” says Nelson, “We have already begun a multimillion dollar renovation and capital improvement program that will greatly enhance the building’s operations and its aesthetics. Furthermore, we will provide high-touch management and tenant services.”
HGI is acting as the joint venture partner. “We are extremely delighted to be working on this acquisition with such a premiere institution as Harbor Group International,” says Nelson. HGI plans to make a significant investment in the New York City industrial market.
“HGI continues to diversify its investment offerings, leveraging our successful track record in New York City office and apartment transactions,” says Litton.
Turnbridge Equities and Harbor Group International represented themselves in the transaction. The broker for the seller was Greiner Maltz. Turnbidge and Harbor and have hired Ayall Schanzer, of Greiner Maltz, to lease the property.
Turnbridge Equities is a New York City-based, privately held full service real estate investment and development firm with additional offices in Los Angeles, Washington, DC, Miami, and Austin. Turnbridge is an SEC registered investment advisor, via Turnbridge RE Fund Management Company I LLC. Turnbridge’s vertically integrated platform and extensive relationships enable the company to acquire, develop, reposition, and operate real estate.
Harbor Group International, LLC, is a private real estate investment firm which controls a portfolio of worldwide assets valued at $7.3 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Baltimore and Tel Aviv. The company’s real estate holdings include 4.8 million square feet of commercial properties and 30,000 apartment units. For additional information, please visit www.harborgroupint.com.
###