New York Road Runners Inks Deal for 40K SF in the South Bronx
The New York Road Runners has leased a new construction warehouse at Simone Development Companies and CJSA Realty‘s Zerega Industrial Park, in the Castle Hill section of the southeastern Bronx.
The nonprofit inked a deal for 40,000 square feet at 535 Zerega Avenue between Randall and Lacombe Avenues along the banks of Westchester Creek, according to a press release from the landlord. The community running group took a 10-year, triple-net lease for the single-story warehouse. The 49-year-old organization is consolidating warehouse space used to store its race day materials from around the city to this Bronx location.
The New York Times was the first to write about the lease, when it entered contract in April. The paper quoted the asking rent at $16.50 a square foot, or $660,000 a year, and a spokesman for Simone confirmed to Commercial Observer that the Roadrunners signed on for that amount.
DJ Ambulette Service also plans to expand its footprint at the waterfront industrial complex, CO learned. The transportation company will grow to 30,000 square feet from 15,000 square feet in a relocation from 1200 Zerega Avenue. It will share 535 Zerega Avenue with the Road Runners.
Josh Gopan and James D. MacDonald of Simone Metro Properties, the property management arm of Simone Development Companies, represented the developers in-house in both transactions. Richard Warshauer of Colliers International represented New York Road Runners in its lease, and DJ Ambulette represented itself in its expansion deal.
“Colliers (CIGI) International scoured the hot Bronx industrial market to find the most convenient and cost-effective solution for the New York Road Runners,” Warshauer said in a statement. “We secured space in one of the very few new warehouses in the Bronx, as well as a quick drive time to Central Park and generous and secured parking.”
In prepared remarks, Gopan called the Road Runners “a perfect co-tenant with DJ Ambulette at the property,” and highlighted the fact that 535 Zerega Avenue was completed a few months ago.