Amazon will be leasing 568,500 square feet at a warehousing space in the Bronx developed by Innovo Property Group and Square Mille Capital Management. Located at 2502 Bruckner Blvd., the 1.1-million-square-foot industrial space was the site of the former Whitestone Cinemas, which was demolished a few years ago to make room for New York City’s largest logistics facility.
Leslie Lanne and Rob Kossar of JLL represented the landlord. Details regarding the agreement or the team that negotiated on behalf of Amazon have not been disclosed. However, according to JLL, the agreement is currently the largest industrial lease in New York City in 2022. Approximately 499,000 square feet on the property’s second floor remains available to lease.
New York-based Innovo acquired the property in 2017 from Extell Development for $75 million in its bid to buy up and develop last-mile warehouses in the outer boroughs.
The facility’s proximity to Cross Bronx Expressway, Hutchinson River Parkway and the Bruckner Expressway gives Amazon access to more than 9.4 million potential customers within a 15-mile radius — a boon for the e-commerce giant, which has been increasingly focused on last-mile logistics since the start of the pandemic.
“Tenants seeking to service the region’s massive consumer base continue to search for last-mile logistics space that takes the guessing out of delivery, and we are already seeing a great deal of interest in the remaining space available at 2505 Bruckner Boulevard,” Lanne said in a statement.
This latest Amazon lease deal comes on the heels of a major shift in the company’s strategy after it initially sought to trim its industrial footprint to cut costs throughout 2022. In fact, company executives revealed that Amazon would shed excess space by cutting back its warehouse pipeline and walking away from some of its leases in markets like New York and New Jersey. Instead, the company has been looking to acquire industrial properties, rather than lease them out.
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Last modified: November 16, 2022