Realterm announced today the acquisition of a 130,000-square-foot final mile warehouse located at 50-35 56th Road in the Maspeth neighborhood of Queens, New York. The fully leased property has 15 loading positions, excess parking and an efficient layout that is ideal for final mile delivery services.
“As the e-commerce industry continues to grow rapidly and customer needs change, well-located final mile warehouses such as this property are critical to enhancing the speed and efficiency of the shipping industry,” said Ben Andreycak, Vice President, East Region Acquisitions, Realterm. “Located in an extremely dense market, with more than 11 million people within a 15-mile radius, this property’s size and location offers major national users operational scale to service the greater New York City region.”
The property has immediate access to New York City’s five boroughs via I-278 and I-495. The 5.2-acre site is five miles from LaGuardia Airport, 14 miles from John F. Kennedy International Airport and eight miles from the largest shipping port along the U.S. East Coast, the Port of New York and New Jersey.
“Maspeth is an outstanding warehouse submarket and ranks first in terms of drive time when compared to other surrounding industrial nodes,” said Stephen Panos, Senior Vice President and Fund Manager, Realterm. “This is Realterm’s second acquisition in the Maspeth submarket and the 28th in the New York Metropolitan Area portfolio and exemplifies our strategy of acquiring functional high flow-through properties in strong markets.”
Highlights of the property include:
•Square feet: 130,000 SF
•Land area: 5.2 acres
•Loading positions: 15
•Access: I-495 and I-278
Eastdil Secured represented the seller in the transaction and Isaac Ilkhanov of Stelth Group 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.