By Joshua Burd
Bridge Industrial has added to its footprint in the region after acquiring more than 128,000 square feet in the New York City borough of Queens.
The operator and investment manager, which paid an undisclosed price in the deal, said the two-level property at 58-95 Maurice Ave. is fully leased to three institutional, investment-grade credit tenants. It’s now planning additional upgrades at the recently renovated facility in the borough’s Maspeth section, seeking to capitalize on its location adjacent to the intersection of interstates 278 and 495.
Tyler Peck of JLL represented the seller, TurnBridge Equities, while Bridge represented itself in its purchase of what will become Bridge Point Maspeth.
“The Maspeth submarket in New York City is one of the most attractive industrial pockets within the New York market due to its high concentration of top-tier tenants, its consistently low vacancy rate, which is currently 3 percent, and its strong market dynamics where demand regularly outpaces supply for functional industrial facilities,” said Andrew Hurwitz, Bridge’s Market Officer for the New York region. “This property’s Class A building features and modern design make it a rarity in a submarket dominated by older, less functional facilities.
“The strategic acquisition aligns seamlessly with Bridge’s value-add strategy, focusing on enhancing existing industrial properties in prime markets to meet the heightened demand from leading distribution, logistics, and manufacturing companies.”
In a news release, Bridge said the 128,148-square-foot facility was built in 1988 and has 20-foot clear ceiling heights, 10 grade-level drive-in doors, three loading docks and income-producing solar panels on the roofs. It sits on 2.8 acres in the northern pocket of the Maspeth market, providing tenants with access to 3.2 million people within a five-mile radius and connectivity to the more than 20 million people in the New York metro area.
