The Real Deal New York

Madison partners with Artemis on $78M Jamaica buy

Properties at at 184-10 and 184-60 Jamaica Avenue are 80 percent leased
July 26, 2017 05:20PM

From left: Deborah Harmon, Josh Zegen and 184-60 Jamaica Avenue (Credit: Chance Yeh and Pinnacle Realty)

UPDATED, July 27, 1:16 p.m.: Madison Realty Capital partnered with Artemis Real Estate Partners on the $78 million acquisition of two industrial properties in Queens’ Jamaica neighborhood.

The properties at 184-10 and 184-60 Jamaica Avenue span 613,000 square feet and are around 80 percent leased, Crain’s reported. The buyers landed an acquisition loan from private equity firm KKR.

Madison, which will manage the buildings, went into contract for the properties in February, as The Real Deal reported, and then brought on Artemis.

Cushman & Wakefield brokered the partnership deal. Pinnacle Realty’s Decio Baio, Fredric Stein, Steve Nadel and Paul Bralower had marketed the site on behalf of the seller.

“The city has lost so much industrial space, and it’s impossible to rebuild because the land has become too expensive,” Zegen told Crain’s. “Demand is growing and supply is shrinking, so we felt this was a deal where there’s a lot of downside protection.” [Crain’s]Konrad Putzier 

Correction: an earlier version of this deal erroneously claimed that Doug Harmon was involved in the deal.