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Turnbridge Equities Acquires Industrial Outdoor Storage Site in Queens for $20 Million
Turnbridge Equities has acquired a 103,000-square-foot industrial outdoor storage (IOS) site located at 20-25 130th Street in College Point, Queens. The $20 million deal was finalized as part of bankruptcy proceedings for the seller, Zano Industries, with Turnbridge serving as the stalking horse bidder.
The site is currently vacant, but Turnbridge has plans to significantly upgrade the property. According to Managing Principal Ryan Nelson, the company will install new paving, fencing, and lighting to prepare the site for long-term leasing.
“The industrial market in New York City continues to shrink, and our strategy reflects that,” said Nelson. “130th Street is a great IOS site, in an amazing location for logistics in New York City. We’re excited to add it to our IOS portfolio and look forward to quickly leasing it.”
Mathew Diana of DY Realty represented the seller and bankruptcy court during the sale process, while Turnbridge handled the acquisition internally.
This transaction marks Turnbridge Equities’ 10th industrial asset in the New York City metro area.
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