Turnbridge Equities found a transportation company to grab a wide spread of industrial outdoor storage space in Gravesend.
Beacon Mobility signed a lease for 83,000 square feet at 2647 Stillwell Avenue in the Brooklyn neighborhood, the Commercial Observer reported. The asking rent and duration of the lease were not disclosed.
The lease was first reported by Traded. Cushman & Wakefield’s Helen Paul, Gus Weaver and Rico Murtha brokered the transaction.
Beacon provides special education, paratransit, non-emergency medical and standard school transportation across half the states in the country. None of the parties involved commented on the deal.
Turnbridge acquired the site two years ago for $13 million.
Founded in 2015 by Andrew Joblon, Turnbridge has been amassing industrial properties for its $4 billion portfolio; the 2022 purchase of a site in Canarsie led to the development of a state-of-the-art distribution warehouse fully leased within a few months of its completion.
Late last year, Turnbridge bought a 99,000-square-foot property in East New York bounded by Cozine Avenue, Louisiana Avenue, Malta Street and Wortman Avenue for $29 million. The investment firm scored $63 million in financing from Acore Capital for the acquisition and construction of a 90,000-square-foot development that will include a single-story warehouse, 45 parking spaces and loading docks.
Gravesend is a relatively quiet neighborhood in South Brooklyn — due west of Sheepshead Bay — which counted slightly more than 30,000 people among its population as of 2020.
Last month, Westshore Views LLC filed an application with the Department of City Planning to rezone the land at 4302 Westshore Avenue. The proposed project would span 1.5 million square feet and feature 1,457 residential units — roughly 430 of which would be affordable — as well as 24 townhomes.
— Holden Walter-Warner
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