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Last-mile Queens warehouse trades for $58M

Elion Partners, a Florida-based real estate private equity investment firm, has acquired a 180,200 s/f last-mile logistics asset located at 182-20 Liberty Avenue in Jamaica , Queens, for $58 million.

Situated five miles from John F. Kennedy International Airport, the property expands the firm’s last-mile logistics portfolio and is a part of a series of acquisitions across key coastal logistics markets.

In February, Elion acquired a 207,000 s/f last-mile logistics asset located at 1000 Jefferson Avenue in Elizabeth, NJ, two miles from the Newark Liberty International Airport.

JAMES LAMBERT

“This acquisition complements our portfolio well and offers ample parking not traditionally seen in this market,” said James Lambert, Senior Managing Director of Industrial Investments at Elion. “We look forward to continuing the expansion of Elion’s logistics portfolio across the northeast.”

In the last year, Elion has acquired an additional $270 million in gross assets in an effort to aggregate a portfolio of existing last-mile industrial assets across key coastal logistics markets in Seattle, San Francisco, Southern California, New York, New Jersey and South Florida.

The Queens warehouse has been owned by an LLC known as Liberty Equities since 1996, according to public records. The LLC is connected with the Pomerantz family, which owns and operates Regent Baby Products Corp. from the facility. Regent was just given preliminary approval by the Suffolk County Industrial Development Agency to acquire and renovate a  104,264 s/f facility located at 400 Rabro Drive in Hauppauge, NY.

With the support from the Suffolk IDA, Regent said it will relocate its headquarters from Jamaica, in a move the IDA says represents a nearly $20 million investment along with the retention of 32 full-time employees in Suffolk County.

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