Logistics investor Elion Partners is picking up yet another warehouse in the New York area.
The South Florida-based landlord paid $58.1 million to buy a large warehouse in Jamaica, Queens, the company announced this week. The purchase price works out to about $320 per square foot for the 180,000-square-foot property at 182-20 Liberty Avenue.
The sellers are two private families that ran their wholesaling businesses out of the building. They entered into a short-term sale-leaseback agreement that gives them enough time to relocate their businesses. Elion plans to reposition the building for large logistics tenants, according to a person familiar with the company’s plans.
Elion senior managing director James Lambert said in a statement the company is in expansion mode in the northeast, and that the property offered “ample parking” that’s not typically seen in this market.
Itan Rahmani and Yehuda Goltche of Venture Capital Properties represented the seller, while Oxford Property Group’s Ariel Ben Ezra represented Elion. The brokers declined to comment.
It’s Elion’s second big purchase in the New York metro area in recent weeks. Last month, the company paid $30 million for a 207,000-square-foot industrial property in Elizabeth, New Jersey, its first purchase in the Garden State.
The investor went on a big buying spree in 2020, and in August announced a strategic partnership with Goldman Sachs, which had just wrapped up raising a $2.7 billion real estate fund. According to its website, Elion currently has $1.6 billion in assets under management.