The 734,000-square-foot development features a pioneering
design unlike any other multi-story industrial product in
New York City
NEW
YORK, June 21, 2023 /PRNewswire/ -- JLL
Capital Markets announced today that it arranged the
$354 million total capitalization for
28-90 Review Ave., a 4.03-acre, industrial development totalling
734,000 square feet in Long Island City,
New York.
JLL represented Innovo Property Group LLC in securing
construction financing through Axos and Cerberus Capital
Management. Additionally, JLL lined up the equity with IPG and
Goldman Sachs (GS) Asset Management's Urban Investment Group.
Positioned strategically in the Long
Island City (LIC) submarket, the property's location is
ideal for multi-story industrial product with direct access to
Manhattan, LIC, Queens, Brooklyn and the Bronx. The building is advantageously
positioned along Long Island's
main truck route I-495, providing access to a variety of major
transportation routes and critical distribution hubs, including
LaGuardia Airport (8.2 miles) and John F Kennedy Airport (12.4
miles).
The JLL Capital Markets team was led by Senior Managing Director
Christopher Peck, Managing Director
Peter Rotchford, Senior Director
Tyler Peck and Director Nicco Lupo.
"28-90 Review Ave. will arrive to market during a severe
imbalance in supply and demand in the New
York City market," said Christopher
Peck. "IPG's intimate knowledge of the property and market
trends, coupled with Goldman Sachs' extensive investing experience,
position the investment as a generational development opportunity
of unparalleled scale within one of the world's most desirable
logistics markets, where demand is skyrocketing and supply has not
kept pace."
JLL Capital Markets is a full-service global provider of capital
solutions for real estate investors and occupiers. The firm's
in-depth local market and global investor knowledge delivers the
best-in-class solutions for clients — whether investment sales and
advisory, debt advisory, equity advisory or a recapitalization. The
firm has more than 3,000 Capital Markets specialists worldwide with
offices in nearly 50 countries.
For more news, videos and research resources, please visit
JLL's newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial
real estate and investment management company, has helped clients
buy, build, occupy, manage and invest in a variety of commercial,
industrial, hotel, residential and retail properties. A Fortune 500
company with annual revenue of $20.9
billion and operations in over 80 countries around the
world, our more than 103,000 employees bring the power of a global
platform combined with local expertise. Driven by our purpose to
shape the future of real estate for a better world, we help our
clients, people and communities SEE A BRIGHTER WAYSM.
JLL is the brand name, and a registered trademark, of Jones Lang
LaSalle Incorporated. For further information, visit
jll.com.
Contact: Alli Semans,
Public Relations, Associate
Phone: +1 330 329 6750
Email: Alli.Semans@jll.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/jll-arranges-354m-total-capitalization-for-long-island-city-industrial-project-301857041.html
SOURCE JLL