58-30 Grand Ave., Queens, New York
NEW YORK CITY—A joint venture of Innovo Property Group and Square Mile Capital Management acquired a three-story, 151,500 square-foot warehouse, located at 58-30 Grand Ave. in Queens. The buyers purchased the property originally constructed in 1953 for $39 million from seller Nathan Indig, receiving a $36.8 million loan from Pine River Capital Management, according to Real Capital Analytics.
The JV plans to modernize the property to use as part of the supply and distribution chain serving the e-commerce industry.
This is the team's second project together. As previously reported on GlobeSt.com, Innovo and Square Mile are building a 700,000 square-foot multistory industrial warehouse, spanning 20 acres at 2505 Bruckner Blvd. in the Bronx.
A source with knowledge of the deal tells GlobeSt.com that a construction timeline has yet to be established and an architect has yet to be selected. However, located in the Maspeth submarket of Queens, the site is a 30-minute drive to Manhattan.
“We were very excited to make this investment, which addresses the pressing need for modern distribution facilities within close striking distance of Manhattan,” says Innovo CEO Andrew Chung. “Given our already good relationship with Square Mile Capital, forming this joint venture with them was an easy decision.”
Square Mile Capital managing director Jesse Goepel adds, “This timely investment in the region's commercial infrastructure fits well with our firm's opportunistic strategy while also increasing our New York City footprint.”
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
