By Joshua Burd
Two New Jersey-based investment firms have acquired a two-building, 620,000-square-foot industrial complex in Queens, under a nearly $74 million deal announced Tuesday.
Ridgefield Park-based KABR Group and FCA-Orbita Group, which is based in Summit, are partnering in the transaction at 184-10 and 184-60 Jamaica Ave. According to the firms, the 3.5-acre site consists of interconnected five- and six-story industrial buildings that are around 60 percent leased, providing upside in a location just miles from Manhattan and John F. Kennedy International and LaGuardia airports.
Avison Young’s James Nelson, Fritz Richter, Reid Berch and Eric Edeen represented the undisclosed seller, while Cushman & Wakefield’s Gideon Gil, Lauren Kaufman and Zachary Kraft sourced acquisition financing through KKR. Joe Lagano and Reid Birch of Avison Young and Frank Liggio and Joseph Hentze of Cushman & Wakefield will spearhead leasing.
“This is a unique industrial and distribution asset in an incredible location,” said Adam Altman, a managing member with KABR Group. “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.”
In announcing the $73.5 million deal, the firms said the complex has multiple drive-in doors, cargo bays, 24/7 secured access and more than 120 parking spaces. The new owners have started upgrades to the facility’s loading areas, cargo bay capacity, vertical freight capacity and parking, with plans to tap into demand for light industrial, manufacturing, storage and distribution space in the supply-constrained New York City region.
“There is depth and velocity in the Queens industrial market,” said Eric Benitez, principal and investment committee head of the FCA-Orbita Group. “We are excited to partner with KABR and expand our industrial portfolio.”
