Realterm announced today the acquisition of a 21,000-square-foot final mile warehouse located at 34-52 Laurel Hill Boulevard in the Maspeth submarket of New York, New York. The unique building is designed to accommodate final-mile fulfillment as well as food and beverage distribution. The property has 30 loading positions, the capability to load on three sides for efficient cross-docking, ample parking and multiple points to enter and exit the property.
“Given its location in the borough of Queens, Maspeth is known as one of the most outstanding warehouse submarkets in the New York City region with access to interstates and its immediate proximity to Manhattan,” said Ben Andreycak, Vice President, East Region Acquisitions, Realterm. “The demand for functional final mile warehouses remains extremely strong making this an advantageous acquisition.”
The property is located immediately off I-278 and I-495, with access to New York City’s five boroughs and approximately 10.3 million people. The 1.5-acre site is five miles from LaGuardia Airport, 13 miles from John F. Kennedy International Airport and five miles from the largest shipping port along the U.S. East Coast, the Port of New York and New Jersey.
“The unique functionality of this property given its combination of loading and on-site parking, is reflective of our strategy to acquire differentiated final mile facilities in key markets that attract a wide variety of potential users,” said Ed Brickley, Managing Director and Senior Fund Manager, Realterm.
Highlights of the property include:
• Square feet: 21,000 SF
• Land area: 1.5 acres
• Loading positions: 30
• Access: I-495 and I-278
Isaac Ilkahnov of Stelth Realty facilitated the transaction and represented Realterm.
Realterm is a real estate operator with a 30-year track record of executing niche private equity strategies at the intersection of the global supply chain and evolving consumption trends. Realterm currently manages over $9 billion in assets through five logistics-oriented private equity fund series: Realterm Airport Logistics Properties (RALP), an open-end fund investing into high flow-through (HFT) on-airport logistics real estate throughout North America; Realterm Logistics Income Fund (RLIF), an open-end, core-plus fund, and the Realterm Logistics Fund (RLF) series, a closed-end, value-added fund series, both of which invest into HFT surface transportation logistics real estate throughout the U.S.; Realterm Europe Logistics Fund (RELF), a closed-end, value-added fund series investing into HFT logistics real estate throughout Europe; and Interspace Logistics Parks (ILP), a closed-end, opportunistic fund series investing into warehouse and logistics real estate throughout the top industrial markets in India.