2505 Bruckner Blvd. Picture courtesy of Innovo Property Group and Affinius Capital
Innovo Property Group and Affinius Capital have wrapped up a $334 million recapitalization of an industrial asset in New York Metropolis’s the Bronx.
The power is a 1 million-square-foot, multi-story industrial constructing which got here on-line in 2022 at 2505 Bruckner Blvd. The property’s present building lender, Financial institution OZK, offered a $250 million senior mortgage, whereas PIMCO loaned $84 million in mezzanine financing.
The property’s earlier debt dates again to 2020, when the builders obtained $305 million for the development of the two-story facility. The financing bundle included $294 million from Financial institution OZK, based on CommercialEdge.
A Bronx multi-story facility
The logistics facility rises on a 20-acre web site which as soon as housed Whitestone Multiplex Cinemas. IPG and Affinius—previously Sq. Mile Capital Administration—had acquired the event web site from Extell Improvement Co. for $75 million in 2017.
That includes 28- to 32-foot clear heights, 106 loading doorways and 664 inside parking areas for automobiles and sprinter vans, the property is 53 p.c leased to Amazon, CommercialEdge information exhibits. Its location permits tenants to serve as much as 9.4 million individuals inside a 15-mile radius because it offers entry to the Cross Bronx Expressway, the Hutchinson River Parkway and the Bruckner Expressway.
Provide-chain points and elevated shopper demand in space-constrained markets have contributed to the necessity for multi-story industrial amenities. IPG lately topped out on its newest multi-story industrial challenge in Queen’s Lengthy Island Metropolis neighborhood. Building on the mixed-use improvement started in 2022, with completion anticipated within the spring of 2024.
