A 620,000-square-foot industrial site in Queens, New York, has traded for $73.5 million, according to an announcement from KABR Group and FCA-Orbita Group, who jointly made the purchase.
Located at 184-10 & 184-60 Jamaica Ave. in Jamaica, a few miles from Manhattan, JFK and La Guardia airports and rail, the 3.5-acre asset consists of two interconnected 5- and 6-story industrial buildings totaling 620,000 square feet and is approximately 60% occupied.
Complete with drive-in door, cargo bays, 24/7 secured access and over 120 parking spaces, the new owners plan upgrades to create a best-in-class multistory light industrial, manufacturing, storage and distribution facility in a highly supply-constrained New York City market.
“This is a unique industrial and distribution asset in an incredible location. We are fortunate to add this property to our portfolio. The ground floor with 16-foot clear ceiling heights and direct loading is a tremendous asset, and the other improvements will enable us to lease all the space quickly,” said Adam Altman, managing member of Ridgefield Park-based KABR Group.
“There is depth and velocity in the Queens industrial market,” said Rene Benitez, principal and Investment Committee head of New York-based FCA-Orbita Group. “We are excited to partner with KABR and expand our industrial portfolio.”
Leasing will be handled by Joe Lagano and Reid Birch of Avison Young and Frank Liggio and Joseph Hentze of Cushman Wakefield.
The seller was represented by James Nelson, Fritz Richter, Reid Berch, and Eric Edeen of Avison Young.
