The development team behind a waterfront logistics center in The Bronx’s Schuylerville neighborhood has secured $305 million in financing to fund construction. The New York City-based developers include Innovo Property Group and Square Mile Capital Management, who worked with Bank OZK and the Structured Finance platform of EverWest Real Estate Investors to structure the deal.
Located at 2505 Bruckner Boulevard, the development is strategically positioned near the junction of several major highways including the Cross Bronx Expressway, the Hutchinson Rover Expressway, and the Bruckner Expressway with several bridges just minutes away. The building is designed by KSS Architects and will comprise 968,000 square feet and support a logistics and distribution facility.
The first floor of the building spans approximately 283,000 square feet including offices, warehouse space, loading docks, and parking. Floor plans include 32-foot-tall ceiling heights, 40-foot by 40-foot column spacing, as well as cross-docked loading with 74 dock doors and two drive-in doors.
The second level will comprise 285,000 square feet with additional warehouse and office space as well as trucking ramps and elevated loading docks. At this level, ceiling spans reach 28 feet high with 80-foot by 80-foot column spacing, 37 loading dock doors, and two drive-in doors.
In total, the development will be able to accommodate 730 cars, 125 box trucks, and eight spaces reserved for large trailers. The facility will also support charging stations for electric vehicles and feature a rooftop solar panel array.
The financing was arranged by a team of agents from Cushman & Wakefield. JLL will serve as exclusive broker and leasing agent with a focus on e-commerce, third-party logistics, and omni-channel retail companies. The development is expected to debut in the first quarter 2022, a timeline pushed back almost two years from the original announcement of the project.