October 19, 2017
Innovo Property Group and Square Mile Capital Management borrowed $54 million to buy 2505 Bruckner Blvd., a 20-acre lot formerly known as the Whitestone Cinemas, located in Bronx, NY.
Currently the site, pinched between several major highways, is operating as a parking lot.
“The leasing and capital markets’ appetite for industrial facilities is tremendous right now. Furthermore, the current cash flow from the existing parking use made the financing more attractive,” said Steve Kohn, vice chairman for Cushman & Wakefield, who with Steve Kohn, Alex Hernandez and Noble Carpenter III arranged the floating-rate loan, provided by affiliates of Pine River Capital Management.
“This 20-acre self-enclosed site, situated just 10 miles north of Manhattan, can ultimately be an 800,000-square-foot industrial facility serving one of the most densely-populated areas in the country,” said Adam Spies, chairman for Cushman & Wakefield, who with Doug Harmon, Adam Doneger, and Josh King represented Innovo Property Group in arranging joint venture equity from an affiliate of Square Mile Capital Management.
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