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IPA Capital Markets Arranges $85 Million Financing for New York City Industrial Property

July 24, 2024
NEW YORK, July 24, 2024 – IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI), specializing in capital markets services for major private and institutional clients, announced the $85 million financing of a two-story, Class-A industrial space located at 130-02 S Conduit Ave. in Queens, New York.

The Manhattan-based IPA Capital Markets team of Max Herzog, Marko Kazanjian, Max Hulsh and Andrew Cohen secured the financing with LoanCore Capital on behalf of Triangle Equities and Goldman Sachs Urban Investment Group.

“Triangle Equities successfully developed a premier, Class-A industrial property in an exceptional location, which is now fully leased to a strong tenant,” said Herzog. “The end product appealed to the lending market, allowing our IPA team to negotiate favorable financing terms for the sponsor, overcoming the challenges of the current lending environment.”

The refinanced industrial condominium spans the first two floors of Terminal Logistics Center, a newly built five-floor facility designed for both industrial and self-storage purposes. The rentable space totals 164,295 square feet with an additional 102,275 square feet of truck courts. Tenants include a global airline catering services firm.

 

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About Institutional Property Advisors (IPA)

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.

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