Sitex Group Trades $112M Queens Industrial Portfolio
- Jun 24, 2020
One year after selling an $18.7 billion portfolio to Blackstone, GLP has paid Sitex Group $112 million for three industrial buildings in Queens, according to public records. The deal closed less than a year and a half following Sitex’s $36 million acquisition of the properties from The Eisenberg Group of Cos., Yardi Matrix shows.
The facilities are adjacently located at 66-31, 66-35 and 67-25 Otto Road in Ridgewood and Glendale, N.Y., on the southern edge of New York & Atlantic Railway’s Fresh Pond Junction, Long Island’s principal freight yard. The portfolio is within 3 miles of the Long Island Expressway and half a mile from the Fresh Pond Road subway station. The assets are 2 miles from Maspeth Industrial Center, a facility which landed a $40 million refinancing deal last week.
The structures were built in 1969, 1970 and 1994 with 20-foot clear heights and have a total of 37 dock-high loading doors and six drive-in doors, with truck courts ranging from 60 to 80 feet. The portfolio has a dedicated rail spur at its eastern edge. The properties are home to a mix of industrial tenants, including The Advance Group, a moving company facilitating office relocations, and furniture distributor Arenson.