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QUEENS, NY—There's a new warehouse coming to Queens.
Township Capital Inc., along with partners Triangle Equities Development Co. and L&B Realty Advisors LLP, are planning to build an enormous warehouse near John F. Kennedy Airport here.
The cargo warehouse and storage facility, to be named "Terminal Logistics Center," will be 300,000 square feet and five stories high. It will have 29 dock loading positions and truck courts on the bottom two floors. Those courts will be able to accommodate tractor trailers spanning 53 feet. The top three floors will be storage space. The facility will have easy access to cargo areas with a back-door route leading in and out of JFK.
Triangle Equities secured an $87 million construction loan from Commercial Investment Trust, according to The Real Deal. Township Capital and L&B Realty Advisors have provided $27 million in equity capital and $14.25 million in equity financing for the project. Total capitalization for the warehouse is $129 million.
Triangle Equities bought the site with Township Capital in 2018 for $25.4 million, along with an undisclosed pension-fund partner. The real estate development firm submitted plans for the warehouse with the Economic Development Corporation in 2017. Plans for the project were filed with the Department of Buildings the following year.
"We were pleased to work with Triangle Equities to develop the financing for this exciting project," said Chris Neiderpruem, managing director and group head for CIT's real estate finance business, in prepared remarks. "The proximity of the site to a leading international airport makes it an ideal location for a modern logistics facility to efficiently manage and store cargo."
"The maturation of the e-commerce market creates a growing need for last-mile distribution centers," said Matthew Gorelik, founder, chairman and CEO at Township Capital, LLC. "Terminal Logistic Center's prime location near JFK Airport and the core strength of the New York market, provide a tremendous opportunity for superior risk-adjusted returns."
Terminal Logistics Center will be located at 130-24 South Conduit Ave. in South Ozone Park.
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Richard Binder
Richard Binder, based in New York, is part of the social media team at ALM. He is also a 2014 recipient of the ASPBE Award for Excellence in the Humorous/Fun Department.
