According to Madison Development principal Adam Gordon, the Jamaica property, located on Merrick Boulevard, will be completed by year's end with the remainder of the properties slated to be acquired and built out in fairly short order. "We're seeking to build our portfolio in the next three to five years," Gordon tells GlobeSt.com. "We expect to develop approximately 15 facilities in the Metro New York area, primarily in the four boroughs, excluding Manhattan." Gordon adds that the properties will be 50,000 to 100,000 sf each. The Queens facility has available FAR for expansion to 66,000 sf.

Real estate investment banking firm Sonnenblick-Goldman Co., based here, arranged the acquisition and redevelopment loan for the warehouse on behalf of Merrick Partners LLC. A West Coast-based thrift provided the financing. Details of the transaction have not been provided.

Sonnenblick Capital Markets Group director Peter Berk, who negotiated the loan, says the financing represents the model for the JV's later acquisitions. "This transaction involved finding a lender who was willing to work with the borrower to not only acquire and redevelop this facility, but to work with them on a programmatic basis to acquire and redevelop a portfolio of similar facilities in the future," Berk states. "The underwriting and documentation utilized for this loan closing will serve as a model for future transactions."