Acore Refis Queens Industrial Property With $69M Loan
By Andrew Coen June 10, 2024 11:03 am
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The KABR Group has sealed a $69.2 million loan to refinance an industrial asset in Jamaica, Queens, Commercial Observer has learned.
Acore Capital provided the loan on the developer’s Ideal Building property at 184-10 and 184-60 Jamaica Avenue. KABR acquired the sites with two interconnected five- and six-story buildings for $73 million in 2022 from Artemis Real Estate Partners, CO previously reported citing property records.
“Acore is excited to lend on an infill industrial asset in the outer boroughs for excellent sponsorship in KABR,” Eric Ramirez, co-head of Eastern region originations at Acore, said in a statement. The market fundamentals and demand for urban industrial product remain strong and continue to produce attractive lending opportunities.”
Cushman & Wakefield arranged the transaction with a team led by Gideon Gil and Dale Braverman.
“This transaction underscores the strong demand for quality industrial assets in strategic locations within the outer boroughs,” Gil said in a statement. “Since acquiring the Ideal Building in 2022, KABR has fortified the legacy rent roll, increased occupancy, and commenced a comprehensive repositioning to transform the property to a best-in-class light industrial facility, which has led to significant leasing activity and momentum.”
Built in 1923, the 618,414-square-foot property features 14 loading docks, six freight elevators and 127 parking spaces. It previously housed the Edward Langer Printer Company and The Ideal Toy Company, and in January inked a 10-year lease from flex warehouse provider ReadySpaces for a new 115,898-square-foot facility,
“The improvements that we have made to the building have allowed us to sign significant leases and unlock value in this great urban industrial asset,” Adam Altman, managing member of The KABR Group, said in a statement.
Andrew Coen can be reached at acoen@commercialobserver.com
