Turnbridge Leases 83K SF to Beacon Mobility in Gravesend, Brooklyn

Key Points:

📈 Turnbridge Equities inks a long-term agreement for an expansive 83,000-square-foot industrial lot located in Gravesend, Brooklyn, with a major player in student transportation, Beacon Mobility.

📈 This strategic move follows Turnbridge's acquisition of the site in 2023 for $13 million, translating to $157 per square foot, with upgrades for tenant readiness underway.

📈 The industrial real estate market in Brooklyn is tightening, evidenced by increased leasing activity and a surge in demand for outdoor-use spaces.

In a notable development within the industrial real estate sector, Turnbridge Equities has secured a significant long-term lease with Beacon Mobility, one of the leading providers of student transportation in the United States. This agreement encompasses an expansive outdoor lot measure of 83,000 square feet in Gravesend, Brooklyn, specifically at 2647 Stillwell Avenue. This strategic partnership indicates a progressive step for Turnbridge as access to industrial spaces in New York City becomes increasingly constrained.

Deal Overview

Beacon Mobility, which serves as a partner with the NYC Department of Education, will utilize this substantial outdoor lot for its operations, which include transportation and logistics for students. The lease highlights the growing trend toward utilizing urban industrial spaces for crucial services in densely populated areas. The location is conveniently situated within a two-acre footprint, near significant transportation routes, making it ideal for logistics-focused industries.

Strategic Significance

Acquired at the beginning of 2023 for $13 million, or approximately $157 per square foot, Turnbridge has already initiated improvements on the site, including paving and necessary electrical upgrades, to accommodate the impending occupancy. The swift absorption of industrial properties like this indicates a robust demand in the market, partially spurred by businesses needing last-mile solutions for their operations.

Understanding the Market Movement

The lease arrangement between Turnbridge and Beacon Mobility underscores a critical trend in the Brooklyn industrial sector, particularly for outdoor-use lots, which have become a coveted asset as rental prices remain competitive. The increasing demand for transportation and logistics capabilities has left many operators seeking limited outdoor spaces, pushing market prices in surrounding areas like Bergen Beach to hover between $21 and $25 per square foot. The move illustrates the resilience and growth of this niche within the commercial real estate market even against tighter availability.

Building a Strong Portfolio

Following this lease transaction, Turnbridge Equities has solidified its position in the urban logistics landscape, owning eight industrial properties throughout the New York City metro area. This portfolio expansion reflects the company’s commitment to adapting to the evolving needs of businesses and residents alike, emphasizing the importance of infrastructure in facilitating urban operations.

Emerging Trends in Real Estate

In addition to the deal with Beacon Mobility, Turnbridge has also recently completed another key leasing agreement with Sky Zone, a prominent trampoline park chain, further highlighting the company’s expanding reach and influence in Brooklyn’s commercial property arena. The parallel growth of recreational and logistical spaces within the city speaks volumes about the diverse needs of urban populations and the ongoing transformation of commercial real estate strategies.

With these developments, it is clear that Turnbridge is strategically positioning itself to capitalize on the increasing demand for various industrial uses while enhancing its operational footprint in Brooklyn's burgeoning market.