The Bayonne Distribution Center at 130 and 169 Pulaski St. and 73-79 Gould St. in Bayonne — Courtesy: NAI James E. Hanson
By Joshua Burd
Turnbridge Equities has picked NAI James E. Hanson as its leasing team for more than 613,000 square feet of recently acquired industrial space in Bayonne.
According to a news release, the landlord plans to invest more than $12 million to update the complex at 130 and 169 Pulaski St. and 73-79 Gould St. The project is slated for a 2026 completion, the brokerage team said, as Turnbridge looks to capitalize on the portfolio’s location at the intersection of Interstate 78 and Route 440.
NAI James E. Hanson’s Russell Verducci, Eric Demmers and Colin Goldstein will oversee the leasing assignment, having also represented the real estate investment firm at the 726,525-square-foot Ballantine Industrial Center in Newark. A recent press release from JLL, which arranged acquisition financing for the Bayonne property, said the complex was 90 percent leased at the time of the sale to Waitex Global International, a logistics firm that has occupied the site for more than 21 years and will execute short-term leasebacks on portions of the space while the new owner implements a value-add business plan.
“Turnbridge Equities has spent the past decade building a strong track record as a leading owner of institutional-grade industrial assets nationwide,” Verducci said. “We’re proud to continue our partnership with their team and look forward to bringing top-tier industrial tenants to this strategically located and highly adaptable property.”
NAI Hanson noted that the Bayonne Distribution Center, which Turnbridge acquired earlier this year, spans three buildings ranging from 18,748 to 433,204 square feet and a 2.3-acre industrial outdoor storage lot. The largest building, 169 Pulaski St., spans two stories and has 28 loading docks with ceiling heights ranging from 14 to 26 feet, while the adjacent two-story structure at 73-75 and 77-79 Gould St. totals 67,177 square feet and includes two interior and two exterior loading docks, one drive-in and 14- to 28-foot ceilings.
The 18,748-square-foot building at 74-76 Gould St. includes three tailgates, 14-foot ceilings and a 1.8-acre attached industrial outdoor storage lot, the news release said. NAI Hanson, meantime, said the 2.3-acre IOS lot at 130 Pulaski St. has direct access to Route 440.
With a total footprint of 17.9 acres, the 613,129-square-foot complex is less than a mile from Port Bayonne and Port Newark-Elizabeth. Users also have access to the New Jersey Turnpike, the Garden State Parkway and both the Holland and Lincoln Tunnels.
Turnbridge lands $80.3 million acquisition loan for Bayonne industrial property, JLL says
