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BAYONNE, N.J. — Turnbridge Equities, an investment firm with four offices across the country, has begun the $12 million repositioning of Bayonne Distribution Center, a 613,129-square-foot industrial complex in Northern New Jersey. The property consists of three buildings that range in size from 18,748 to 433,204 square feet and are situated on an 18-acre site that includes 2.3 acres of industrial outdoor storage space. Turnbridge acquired the property earlier this year and has tapped NAI James E. Hanson as the leasing agent.