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.
About IPA Capital Markets
IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
About Triangle Equities
Triangle Equities (Triangle) is a diversified, full-service real estate company that develops, owns, and operates commercial, residential, and mixed-use properties throughout New York and New Jersey. Triangle focuses on high-barrier projects, including public-private partnerships, public RFP’s, and - as experts in city, state, and federal incentive programs - projects that require various forms of subsidy. Triangle was founded in 1986 and has developed nearly two million square feet of commercial and residential real estate since its inception. Triangle currently has over two million square feet in various stages of development, including over 1,500 units of mixed-income residential. For additional information, please visit https://www.triangleequities.com/.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725135933/en/