Turnbridge Equities has continued its industrial property buying spree with the $39.5 million purchase of a 129,000-square-foot warehouse in Queens.
The company bought 58-95 Maurice Avenue in Maspeth from CMJ Realty, according to property records. Ares Commercial Real Estate provided a $24 million mortgage for the deal, and Turnbridge partnered with an unnamed institutional investor on the purchase.
“We’re excited to add this Class AA industrial building to our last mile portfolio,” Turnbridge managing principal Ryan Nelson said in a statement. “The building is among the highest quality distribution buildings we’ve sen in the market with great loading and strong credit tenancy.”
Representatives for CMJ did not respond to requests for comment.
Tenants in the building, which is fully occupied, include FedEx, Skylift and Dal-Tile. It stands two stories tall and includes 11 loading docks, and it is positioned to reach more than 15 million people in last-mile distribution, according to Turnbridge.
John Maltz and Ayall Schanzer of Greiner Maltz brokered the deal.
Industrial properties have become increasingly popular across New York City and the country thanks to the rise of e-commerce and subsequent demand for more last-mile delivery space. The Queens purchase is the latest in a long line of industrial buys for Turnbridge.
In January, the company bought a 1 million-square-foot industrial site in New Jersey for $61 million and an industrial site in the South Bronx that could hold as much as 890,000 square feet of warehouse space for $56 million.
And in 2018, Turnbridge bought a 90,000-square-foot warehouse in East New York and a 550,000-square-foot warehouse in Parsippany, New Jersey.