Elion Partners snaps up $58M Queens warehouse

Miami-based investor is on a buying spree

New York /
Apr.April 30, 2021 01:55 PM
Elion Partners’ James Lambert and 182-20 Liberty Avenue, Queens (Linkedin, Google Maps)

Elion Partners’ James Lambert and 182-20 Liberty Avenue, Queens (Linkedin, Google Maps)

Logistics investor Elion Partners is picking up yet another warehouse in the New York area.

The South Florida-based landlord paid $58.1 million to buy a large warehouse in Jamaica, Queens, the company announced this week. The purchase price works out to about $320 per square foot for the 180,000-square-foot property at 182-20 Liberty Avenue.

The sellers are two private families that ran their wholesaling businesses out of the building. They entered into a short-term sale-leaseback agreement that gives them enough time to relocate their businesses. Elion plans to reposition the building for large logistics tenants, according to a person familiar with the company’s plans.

Elion senior managing director James Lambert said in a statement the company is in expansion mode in the northeast, and that the property offered “ample parking” that’s not typically seen in this market.

Itan Rahmani and Yehuda Goltche of Venture Capital Properties represented the seller, while Oxford Property Group’s Ariel Ben Ezra represented Elion. The brokers declined to comment.

It’s Elion’s second big purchase in the New York metro area in recent weeks. Last month, the company paid $30 million for a 207,000-square-foot industrial property in Elizabeth, New Jersey, its first purchase in the Garden State.

The investor went on a big buying spree in 2020, and in August announced a strategic partnership with Goldman Sachs, which had just wrapped up raising a $2.7 billion real estate fund. According to its website, Elion currently has $1.6 billion in assets under management.





    Related Articles

    arrow_forward_ios
    Major real estate stocks ended in negative territory this week. (Getty)
    Real estate stocks, markets jittery over inflation
    Real estate stocks, markets jittery over inflation
    Joseph Chetrit with 427 and 459 (left) Broadway (Getty, Beyond My Ken/Wikimedia)
    Chetrit Group falls behind on Soho portfolio mortgage
    Chetrit Group falls behind on Soho portfolio mortgage
    Joel Landau, chairman and founder of Allure Group. (Google Maps, Score NYC)
    These were the top outer-borough loans last month
    These were the top outer-borough loans last month
    David Schonbraun (SL Green)
    SL Green investment chief David Schonbraun steps down
    SL Green investment chief David Schonbraun steps down
    Aby Rosen and 522 Fifth Avenue (Getty, Google Maps)
    RFR pitches Fifth Avenue office building as “build-to-suit” corporate HQ
    RFR pitches Fifth Avenue office building as “build-to-suit” corporate HQ
    Nearly half of new shops in 2021 will be dollar stores. (Getty)
    2021 is raining dollar stores
    2021 is raining dollar stores
    National chains and mom-and-pop stores are seeing increasing sales per square foot and shrinking occupancy costs (Getty)
    National chains paid 93% of rent in April
    National chains paid 93% of rent in April
    (RIPCO, iStock)
    Target, Five Below, Smashburger open in new Brooklyn shopping center
    Target, Five Below, Smashburger open in new Brooklyn shopping center
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...