Elion Partners Buys Jamaica Warehouse for $58M
By Rebecca Baird-Remba May 4, 2021 7:05 pm
reprints
A single-story warehouse in Jamaica, Queens, has changed hands for $58.1 million, according to brokers involved in the deal.
Liberty Equities and Partners sold the 180,000-square-foot building at 182-20 Liberty Avenue, next to the Long Island Rail Road‘s Hillside Yard, to Miami-based real estate firm Elion Partners. The price works out to $320 a square foot.
The former owners, who operate a wholesale business for dollar stores, will continue to occupy half the building for three years as part of a sale-leaseback deal. The Metropolitan Transportation Authority and small industrial tenants occupy the rest of the building.
Once Liberty Equities vacates, Elion plans to turn the building into a last-mile logistics warehouse.
Itan Rahmani and Yehuda Goltche of Venture Capital Properties represented the seller. Ariel Ben Ezra of Oxford Property Group handled the transaction for the buyer.
Goltche explained that the building’s loading bays and 50,000 square feet of parking helped drive up the price, because industrial property with a large parking lot is hard to find in Jamaica.
“The industrial market is very hot, and the sellers feel this is a very well located parcel in New York City,” the broker said, noting that E and F subway trains and Long Island Rail Road stop nearby while John F. Kennedy International Airport is about five miles south.
Elion also secured $39 million in debt from Rialto Capital. Newmark’s Dustin Stolly, Jordan Roeschlaub, Chris Kramer, Nick Scribani and Dan Morin brokered the financing.
