**Turnbridge Equities Acquires Bayonne Industrial Property for $91.5M**
Turnbridge Equities has acquired a 17.9-acre industrial property located at 169 Pulaski Street in Bayonne, New Jersey, for $91.5 million. JLL Capital Markets arranged $80.27 million in acquisition financing on behalf of the buyer.
The site consists of three industrial buildings along with 2.16 acres of industrial outdoor storage space. Key features of the property include 48 loading docks, ceiling heights of up to 28 feet, and parking capacity for over 225 trailers. The property is currently 90% leased to Waitex Global International, a global logistics company that has occupied the site for over 21 years.
As part of the transition, Waitex will enter into short-term leasebacks for select portions of the property, enabling Turnbridge to roll out a value-add business strategy in the near term.
Strategically located less than a mile from the Global Container Terminal Bayonne, the facility offers prime access to regional transportation infrastructure, including New York City, New Jersey port facilities, Newark Liberty International Airport, and several major highways.
