T
urnbridge Equities has acquired a 99,400-square-foot industrial site in East New York for $29 million. The property, bounded by Cozine Avenue, Louisiana Avenue, Malta Street and Wortman Avenue, will be redeveloped into a ground-up warehouse with commercial parking. Acore Capital provided $63 million in financing for the acquisition and construction of the new development.

    The single-story warehouse will feature 90,000 square feet of space, including loading docks and 45 parking spaces. This is one of several industrial properties Turnbridge has added to its $4 billion portfolio, which includes a state-of-the-art distribution warehouse in Canarsie that was fully leased within months of completion.

    The pandemic-driven surge in e-commerce has made industrial warehouses New York City's hottest asset class, but the tight market has led to high prices and intense competition from larger institutional investors. Turnbridge's acquisition is part of its strategy to capitalize on this trend and expand its portfolio of industrial properties.