Elion Partners Boosts Last-Mile Portfolio in Queens
- Apr 29, 2021
Private equity real estate firm Elion Partners continues to ramp up its last-mile logistics portfolio with the $58 million purchase of a 180,200-square-foot facility in Queens, N.Y. The asset is located at 182-20 Liberty Ave., in the Jamaica neighborhood, just 5 miles north of John F. Kennedy International Airport.
The deal follows Elion’s acquisition of a 207,000-square-foot last-mile industrial property at 1000 Jefferson Ave. in Elizabeth, N.J., in February. In the last year, the Miami-based firm splashed out on $270 million worth of existing last-mile industrial assets in key coastal logistics markets.
Built in 1961, the newly acquired property sits on a 5.3-acre lot and features 27 parking spaces, according to CommercialEdge. Current tenants include Liberty Cabinetry, Gem Stores, Good Choice Trading 168, Baby King and Sahara Wireless. James Lambert, senior managing director of industrial investments at Elion, noted in a statement that the property offers ample parking not usually seen in the surrounding market.
Lambert added that Elion plans to continue building its logistics portfolio across the Northeast. The firm’s last-mile acquisitions over the past year have taken place in Seattle, San Francisco, Southern California and South Florida, in addition to New York and New Jersey.
Tenant demand for industrial assets in New York’s outer boroughs weakened during the first quarter, leading to negative absorption, according to a market report by Cushman & Wakefield. Occupancy remained tight overall, however, driven by a positive long-term vacancy trend.
Queens saw more than 265,000 square feet of leasing activity in the first quarter, with an overall vacancy rate of 4.9 percent and an overall weighted average net rent of $27.74, the brokerage reported.