Industrial Supplier Fastenal Leases 7K-SF Warehouse in the East Bronx
By Aaron Short July 27, 2023 11:45 am
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A Fortune 500 industrial supply company is moving into a warehouse in a fast-developing section of the Bronx with transit access that will allow them to ship their hardware efficiently and provide an easier commute for their employees.
Minnesota-based Fastenal Company signed a long-term lease with Simone Development at the end of May to operate a 7,100-square-foot warehouse on 1448 Ferris Place in the Westchester Square neighborhood of the Bronx, a spokesperson for the property’s owner said.
The landlord declined to provide the terms of the deal.
Simone Development leasing vice president Josh Gopan, who negotiated the transaction with Simone’s leasing director Jeremy Schwartz, said the East Bronx location would appeal to the company’s employees because of its easy access to the subway’s Westchester Square-East Tremont Avenue station and the Hutchinson River Parkway.
“We are thrilled to welcome Fastenal Company to Ferris Place, an ideally located warehouse space in the Westchester Square neighborhood of the Bronx,” Gopan said in a statement. “As the property’s exclusive tenant, Fastenal will benefit from its exceptional features and convenient access to multiple transportation options.”
Fastenal was founded in 1967 with a mission of selling nuts and bolts from vending machines in packages the size of cigarette packs. By the 1990s, the company had become the largest fastener distributor in the country.
It previously ran a fulfillment center at 1600 Stillwell Avenue, also in the East Bronx and about 10 minutes north of its new location. It is unclear whether the 56-year-old company will continue to lease the 12,800-square-foot space on the edge of Morris Park.
Mathew Diana of DY Realty, who repped Fastenal in the deal, and a spokesperson for Fastenal did not respond to requests for comment.
Although Fastenal’s new workplace is 45 percent smaller, the property underwent extensive renovations in 2015. It was previously leased by the Family of Christ Kingdom International Ministries and an ice cream distributor before Fastenal took it over, according to the landlord.
Prices in several Bronx neighborhoods are expected to rise. Swaths of the East Bronx adjacent to Metropolitan Transportation Authority rail lines, where four new Metro-North stations are expected to open in 2027, have seen increased interest from industrial and residential developers. In 2021, Amazon announced it would open an 840,000-square-foot fulfillment center on the site of the former Whitestone Multiplex Cinemas at 2505 Bruckner Boulevard.
The city is also looking to create 6,000 new homes along train stations in Co-op City, Hunts Point, Morris Park, Parkchester and Van Nest as part of a neighborhood rezoning plan. The area’s proximity to three major medical centers and Mercy College as well as the addition of a rail line with fast connections to Westchester and Fairfield are expected to revitalize the area and attract a more diverse workforce.
“There will be a reverse commute to this area,” Camelia Tepelus, executive director of the Morris Park Business Improvement District, said. “They would get people from Westchester or Connecticut who have to drive now, but with Metro-North it feels more direct and accessible.”
