US$43.4 million have been received for the construction of the Bronx industrial facility in New York. This was revealed by Innovo Property Group. The senior construction loan from PCCP, LLC was handled by a JLL team managed by Chris Peck and Pete Rotchford.
The loan will assist in the construction of the 58,950-square-foot project. The cutting-edge, one-story Bronx industrial facility will be situated along Bruckner Boulevard. This site is less than three miles from Manhattan, at 110 Leggett Avenue in the Hunts Point neighborhood.
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Both last-mile customers and conventional warehouses are reportedly interested in the Hunts Point submarket. This is mainly because of its convenient access to major highways that offer strong connectivity to Brooklyn, Queens, New Jersey, and Westchester/CT. All of the aforementioned are within 30 minutes of the Bronx industrial facility.
Furthermore, Hunts Point serves more than 20 million consumers throughout the New York Metro and its surrounding areas.
Commentary on the Bronx industrial facility project
PCCP, according to Brian Haber, thinks the loan is a good chance to lend to Innovo Property Group. The latter is a well-known industrial developer in New York City. Moreover, it has a history of creating and leasing high-quality infill urban industrial facilities.
Haber, who is the Senior Vice President at PCCP, added that this Class A site is in an excellent location. However, he said it is entirely pre-leased to CHEP, USA. CHEP is a division of Brambles. It oversees the biggest global sharing and reusing network of pallets, crates, and containers.
Andrew Chung said that the industrial sector continues to dominate despite the present general market instability. Chung is the founder and CEO of Innovo. In addition, he explained that New York suffers from a severe lack of supply. “As a result,” Chung said, “this leads to an imbalance between supply and demand. At 1100 Leggett Avenue, we are ecstatic to build a premium, pre-leased urban warehouse,” he concluded.
